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How Much Health Insurance Should a Self-employed Person Purchase?

Jul 23rd, 2009

self-employedWhen you are self-employed, the cost of healthcare is totally on your shoulders. How much healthcare should you have? That would depend upon your personal and family needs. It’ll be all too much if self-employed people have little or no health coverage. If you don’t have health care the medical bills will pile up. If you are unable to pay those bills your creditors can file a credit report on you, which could be damaging to your buying power as a businessperson.

Before purchasing healthcare for the self-employed, you would need to make a list of what your needs are. If you have a family, you would need to enter all the health care services that your spouse and children would have need of. Are you as an independent contractor or do you hire people in order to run your business? Do you want to offer group health insurance to your employees? Depending on the size of your business, and your own specific needs, you could choose a personal or family plan, or you could buy into a group health insurance for the self-employed.

The recession in the United States has put a damper on everyone’s spending power. Almost everyone is cutting back in one way or another. People are driving their cars less, and combining several errands into one to save fuel. It’s good to cut back and conserve on gasoline, and other natural resources, but it is not a good thing to cut back on healthcare coverage.

Business owners who have 2 to 50 employees working for them can offer group health insurance to their employees. More and more business owners are dropping the group health insurance, which leaves the employees without access to health care. Employers may not be required to offer healthcare, and because of the expense involved many employers don’t offer insurance. Those employers that do offer group health insurance to their employees can claim a deduction for every employee, which helps to lessen the employer’s total cost for health coverage.

There are over 25 million people in the United States that don’t have enough healthcare.

How does the small business owner know when they don’t have enough healthcare for the self-employed?

If you are under-insured you will have more out of pocket expenses than what you can afford to pay. The under-insured often have less coverage, and more health care expenses — their monthly premiums not withstanding.

To summarize things, make sure you, as a business owner, have enough healthcare to cover all of your health care needs. Take stock of what you and your family’s needs are, and then go online to get a self-employed healthcare quote. After getting a quote, compare other health insurance companies for price and coverage, and go from there to a local agent to help you streamline your self-employed healthcare plan.

"Vista Health Solutions" www.nyhealthinsurer.com Tel (888)215-4045 Email [email protected]