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Need for Self Employed Health Insurance

May 2nd, 2011

self employed health insuranceThe self employed individuals continue to have an uphill battle when it comes to affordable insurance. It seems that unless you are employed by a larger institution, it is next to impossible to acquire any comprehensive insurance policy. Most of the self-employed working and living in our communities are without insurance. The few enrolled in an affordable health insurance policy owe the privilege to their spouse.

The majority who are just beginning their career do so without any assistance from the various insurance providers simply because they are not able to afford the cost at the moment. This is taking a terrible risk and most self employed understand well what the implications are. The problem is that it takes time to build up a business to the point that you are turning a profit, even a small one. There are few options to choose from such as:

  1. Individual Medical Insurance
  2. Health Savings Account
  3. Self employed health insurance

Some self-employed with continue with the daily burden of a full time employment position while they are beginning their own self employed entrepreneurship. This can become very tiresome, but for many it is necessary. The purchase of an individual health insurance policy will be very expensive to begin. When you are self employed and between fifty years old and sixty-five years old, the cost of an annual insurance policy will rise even higher.

Couple this decision with known pre-existing conditions and it will be a nightmare to attempt to keep up with the monthly payments that will eat into the small profit of your new adventure. Another choice is the health savings account, which is also very expensive health insurance, but it offers you more control over your medical expenses. You may keep a balance of two thousand five hundred dollars in the active account. You are also permitted to equal this amount annually.

A third choice is the self employed insurance, which is very similar to an individual insurance policy. There are a few differences and the annual cost is much less with the addition of comprehensive medical coverage.

However, with the changes to the health system through the newly introduced universal health care, this may be a new beginning for many who are self-employed. This may be a more affordable way to acquire some form of medical insurance, but there will be concessions in exchange for the health system we once enjoyed. As the new health system is implemented, we will learn all that it contains and decide then if it is beneficial for everyone.



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