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Comparing Self employed Health Insurance between Canada and the US

May 11th, 2009

Self employed Health InsuranceAs more people leave their jobs working for an employer in Canada and the United States, the need arises for insurance. Self employed health insurance for the Canadian may differ slightly from health insurance for self employed people in the United States, but there are more commonalities than differences. For instance, if you are Canadian or American, and you have a family, you will need comprehensive coverage for such things as dental care, and vision care. In Canada it can be difficult to get a health insurance policy for the self-employed that has dental and vision provisions. However, tax laws are in place for Canadians that allow you to deduct the cost of your family’s dental and vision related visits from your income taxes. Likewise, it can be nearly has difficult in the United States to find affordable coverage that offers the same extras.
If you are a small business owner living in Canada, you can find health insurance for the self-employed that will fit your needs. There may come a time you feel you need extra coverage, especially if your insurance doesn’t cover everything. Instead of being frustrated about what your present health plan doesn’t cover, you might want to start a health savings plan. If you and your family are healthy, it might behoove you to invest in your own health insurance. Instead of paying out hundreds of dollars to an insurance company, open your own health savings account. With a health savings account you would deposit the amount comparable to what you might pay for a traditional insurance company. You let the money accrue until the time in which you need it.
In Canada and in the United States, if you are employed by a company, it is easier to get health insurance with dental, disability, and vision provisions. However, when you are self-employed, comprehensive health coverage is expensive. Here are ways to get the kind of health insurance to cover all your needs:
· Purchase health insurance for the self-employed directly. This can be very expensive when you include extra coverage for dental, vision and disability
· Let your spouse cover you on his/her group health insurance plan at his/her place of employment
· Purchase a membership in an association that offers group health insurance for self-employed people
· Go to work for a company as a second job to obtain group health insurance
· Self-insure through a health savings plan
Though health insurance for the self-employed is expensive, in the United States, to decide not to have any form of health insurance is way too risky. Without health coverage you could be jeopardizing your financial future. All it takes is accident or long illness that requires hospital admission and that could be the end of your financial security. If you live in Canada you would not meet financial ruin, because health care is given to everyone as a basic right.

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