Self-Employed Medical Coverage
Dec 8th, 2009
Are you earning a living working freelance? Are you self-employed and have five, six, or seven individuals on your payroll? Is finding affordable health insurance almost next to impossible? You must be very frustrated by now and yet continue to search for that one insurance policy that will suit the needs of yourself, your family, and your employees.
Have you considered joining with a group insurance with others who are self-employed? Sometimes the annual premium and therefore the monthly rates will be lower than continuing to try to find an insurance policy alone. We can show you the pros and cons of trying to remain in business for yourself and some of the avenues to search for quality medical insurance, but it is time consuming.
Anyone who is self-employed understands there are very few if any benefits until the individual begins to invest. The quest for insurance though you can look into the possibility of joining with a group insurance. With a group insurance you can find the annual and the average monthly cost for health insurance is less than an individual policy with the same coverage.
The other option is to try to open a Health Savings Account or HSA to protect yourself and your family. Now it does not come cheap, but the coverage is very comprehensive. It has a high deductible and as it implies it is a savings account that you will contribute to during the course of a given year and allow the money to accumulate until you need to withdraw from it to pay your medical expense.
This affords the self-employed individual and small business entrepreneur to have access to more affordable health insurance with annual premium rates to conform to any budget. The Health Savings Account or HSA is a type of medical plan with a high deductible, but you still receive complete coverage at a monthly premium rate that will remain relatively low.
1. Monetary funds deposited into the HSA account are tax deductible.
2. Currency deposited into the HSA account is there to pay for insurance deductibles when you need it most.
3. Once the annual deductible meets the requirement, the individual receives 100% coverage at little to no out of pocket cost.
4. The deductible you decide upon can range from $500.00 to $10,000.00.
These are only a few of the difficulties with health care that all self-employed individuals need to consider before going into business for them. Insurance is only one part of the collection of expenses incurred on a weekly and most times monthly basis.
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