Going into business on your own can be a very scary proposition. Worry seems to crop up at every turn. From finances to ensuring enough work to actually stay busy, concerns people didn’t even think could become concerns will!
There’s at least a little comfort to be had on the self employed health insurance front; options are available.
Finding the best possible self employed health insurance will very likely depend on personal circumstance, however, and even the state in which one resides.
For example, some states require insurance companies allow the inclusion of the self employed in group health plans under special circumstances; others do not.
The basic things to look at for self employed health insurance, include:
- Necessity – The self employed will generally find if another option is available, such as a spouse’s group coverage, it will be the best overall choice. The coverage premiums tend to be less and the overall protection better in a lot of cases.
- Number of employees – If you’re going into business on your own, with no employees, it might be difficult to get into a group policy. When this option is present, however, it tends to offer the greatest coverage for the least amount of money. The number of employees in the business can open the door for group coverage. Also, if you are going it alone, check closely to see if your state offers any group health coverage loopholes for the self employed. This could save you a bundle.
- Type of coverage desired – This will greatly impact the options and prices being offered. Decide if you want an HMO, PPO or simply catastrophic hospitalization coverage. The first two options are the ones most people tend to go with, but the last has some benefits in a pinch.
- Money available to spend on premiums – This, unfortunately, will be a big determining factor for many – especially the newly self employed in most cases. Policies can range from a little over $100 in some cases to well into $1,000 or more.
Once decisions have been made, it’s time to shop around. The best way to do this is to stake out a decent block of time and do some major comparison shopping. Plan on receiving a lot of telephone calls and placing them, even if the Internet is used.
To make the determination on the best possible plan for self employed health insurance, it’s important to look at the overall picture. Consider such things as deductibles, monthly premiums, overall coverage, out-of-pocket expenses and even drug coverage. The best options will generally rise to the top pretty quickly.
Going into business can be a fantastic step for freedom and financial security. It can, however, bring a lot of worry with it. Shopping for the best self employed health insurance tends to be one of the very big concerns that come along with this proposition. Take the time to fully research the options to find the best possible coverage for the most economical rate. Doing so can pay off down the road.
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