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Health Insurance Self Employed - Is Health Insurance Available for the Self Employed?

Finding Health Insurance for Self Employed Companies

coverage companies finding options

If you are self employed or planning to be, health insurance coverage provides concern, especially if your benefits have been provided by your former employer. There are options available for you but preplanning before you leave your current job is a must. COBRA (The Consolidated Omnibus Budget Reconciliation Act of 1985) offers to workers who have left their current employment an option to continue payment of their health insurance premium for up to 18 months. The rate will increase, sometimes dramatically, but this is a viable choice while exploring other health insurance options.

If you and your family have a good health history, finding a policy to suit your needs will not be difficult. It is important however to make sure that you understand what that coverage involves. Pre-existing health conditions can cause a problem for you, and depending on what your health issues are, you may be denied health benefits. There are states that assure the ability to move from COBRA to an individual coverage without the fear of prejudice due to pre-existing conditions. Do not allow your COBRA to lapse or this law will not uphold. It is important to be truthful about your past medical history, however trivial you might perceive it to be. Remember that premium payments on health insurance for a self employed person can be used as a tax deduction. Large businesses have been able to use health insurance premiums as a business expense for years.

In the last two years, healthinsurance.org, (a website that gives consumers access to private health insurance companies and quotes for the self employed) has more than doubled its traffic base. By enabling consumers to compare rates and research coverage, finding adequate health insurance for the self employed couldn’t be easier and more affordable. This website enables you to choose from such companies as Aetna, Humana, Kaiser Permanente, Cigna, and Coventry One, just to name a few of the many companies available. It is also a source of information for general tips on coverage plans and a glossary of terms. When you talk with an agent, your choices are limited to a smaller range of plans because the agent represents a handful of insurance companies. By researching and comparing coverage packages and various quotes, finding a health insurance plan that fits your needs is easier, and you will have the confidence to know that you have found the best plan for you and your family.

A couple of things to consider when you are determining your self employed health insurance options: (1) Self employed health insurance may be pricey, but it is not something you should go without. If money is an issue, determine if you can pay for incidental health bills and opt for a high deductible. (2) See if your state has a health insurance pool for high-risk persons. While risk pools vary, it may be a solution for you if you have been denied coverage. Keep in mind that 60% of bankruptcies are filed because of catastrophic medical bills. It would be detrimental to your business and your well-being to opt not to purchase health insurance.

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