Health Insurance For Self Employed
Being self employed has its benefits but it also has its drawbacks. Health insurance for self employed people is one such drawback. Very few new business owners think about the cost of health insurance plans for self employed individuals until they start looking around for quotes. Unfortunately they soon discover how high the premiums can be when compared to what they were paying as part of their previous employer’s group health insurance.
Health insurance plans for self employed individuals are always going to be expensive, simply because the insurance companies know there is a much higher probability that you, as a self employed person, will make a claim. However, by shopping around online you can sometimes find slightly lower quotes if you agree to a higher deductible.
Obviously this is somewhat of a risk and especially if you work in an occupation where accidents and illness are common – outdoor work, laboring, truck driving for example. You may need to make claims on a more regular basis than normal and most health insurance plans for self employed individuals take this into account – hence the high premiums.
Health insurance plans for self employed people are offered by most of the major insurance companies, and so a suitable plan shouldn’t be too difficult to find. If you are confident you know what you are looking for then the best place to start looking for health insurance for self employed is undoubtedly the internet.
If you aren’t too sure about the technicalities of health insurance for self employed individuals though then it may be worth using the services of an insurance broker. This way you can be sure of finding a plan with benefits that suit you at a price you can afford.
One benefit of health insurance plans for self employed individuals that many new business owners forget about is the associated tax deduction. It may not be much when compared to your monthly premiums but it is definitely a benefit that should be taken advantage of.
Although health insurance for self employed people comes with a hefty price tag it is absolutely vital that all new business owners start a plan as soon as they need to. If you are looking to start your own business following employment then it is often possible to take advantage of COBRA for up to 18 months after you leave your job. Once this ends though you will need to begin one of the many available health insurance plans for self employed individuals – after all it is better to be safe than sorry and never more so than when you work for yourself.