What About a Self Employed Health Insurance Plan?
Aug 27th, 2009
Millions of baby boomers and seniors are now starting their own businesses, due to career changes and as a means to supplement their retirement income. With this change also comes the change to their health insurance. Many people enter into entrepreneurship without realizing what will happen to their medical health insurance and then have a surprise later. Fortunately a self employed health insurance plan may be the answer
Obtaining a reliable and affordable self-employed health insurance plan is not an easy thing, in fact, some medical health insurance coverage is down right hard to come by. It is also very expensive. This is why many self-employed workers end up without health insurance coverage at all. With over twenty-seven million people employed in the United States, uninsured, more than sixty-three percent of them are small business owners or work for a small business. Generally, a self employed health insurance plan is ideal coverage for these people however for many, it’s un-affordable and therefore they go without.
One of the best ways to be sure you have good coverage when leaving a company to set up your own business is to ensure that you maintain the same coverage, invoking your rights under health care provisions using the Consolidated Omnibus Budget Reconciliations Act (COBRA) of 1986. When you use this act, you can leave a job and keep your coverage for up to eighteen months afterward, provided the company you are leaving employs a minimum of twenty people and you weren’t fired.
Self-employed health insurance is not a luxury, it is a necessity; therefore finding out that you have to pay the full cost of medical health insurance coverage, may make you have second thoughts about becoming a self-employed worker. Self-employed healthcare plan costs are skyrocketing, especially today with the economy the way it is and so many people unemployed. In fact, Medicaid is swamped and has been lagging behind for years, with one of the main draws on the system being those who require a self employed health insurance plan.
Today, many self-employed workers are looking for health insurance quotes from many sources, but are still finding affordable health insurance coverage almost impossible to come by. Self employed health insurance plans are very limited, yet if you look around you will find medical insurance at various prices, depending on the coverage you require.
Going without a self employed health insurance plan is not an option, especially if you are raising a family, so finding affordable health insurance for individuals and families, or a family plan, although it may take a little more research, is an option you must look into.
Remember to see if you qualify for any of the government or state run health insurance coverage, before decided to be self-employed. The difference in paying for health insurance costs may make running your small business more expensive than staying retired or looking for another position working for the man.
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