Health - Self Employed Health Coverage Options

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We’ve heard it a thousand times, "I’d like to quit my full time job and become my own boss by running a small business. The only problem is that my employer provides me with group health insurance and if I were to leave it would be far too expensive to pay for my own individual health insurance plan."

Undeniably, employer sponsored health plans is a huge benefit of working for a company, rather than for yourself. As a matter of a fact surveys show that this is the main reason most people decide to continue to work in corporate America, rather than venture into business for themselves.

Some people go into business for themselves and put health insurance off until the business is turning enough profit to pay for the premiums, leaving the person(s) un-insured for quite some time. This is a huge risk for both your business and your family. Medical Insurance should not be left as an option as the risk of bearing major medical debts due to an unexpected event can burden you and your family for the rest of your lives. If you choose to work for yourself, be sure to plan accordingly so that you can have a health insurance plan in place for you and your family.

So what are your options?

• Spousal Coverage - Many Self-Employed individuals will have the spouse work a full time job to provide health insurance for the family until the business supplies enough profit to adequately pay for the cost of an individual health insurance plan.


• Individual Health Insurance - If you and your family is clear of any major pre-existing health conditions then an Individual Health Insurance plan may work for you. Individual plans are subject to underwriting, and are not guaranteed.


• Take on more risk - There are many ways to increase your risk with a health insurance plan. In return some of these ways may provide you with a substantial savings on your monthly premium.


• Association Health Plans - An association health plan will band individuals together with others to make a virtual large group. This gives the insured more leverage with the power of numbers, allowing the insurance carriers to offer more favorable premiums to individuals. One example of an Association Health Plan is the National Association for the Self Employed.


• Health Savings Accounts & High Deductible Health Plans - A health savings account paired with a qualified individual health insurance plan can provide you with an affordable health plan along with many tax benefits. Talk with your accountant about the tax benefits of an HSA account.

Obtaining affordable health insurance is extremely important to the self-employed. With the complex nature of Health Insurance, the best action you can take is to talk to a licensed insurance agent. Receive free health insurance quotes from a qualified health professional here at iWebQuotes today, and have them assist you in finding the best solution for your situation. We hope you can use the above suggestions to assist in finding a health insurance plan which fits your health care needs.