Self Employed Health Insurance

The Benefits of Self Employed Health Insurance

When you decide to quit your job and start a business or a freelance career of your own, you embrace many risks, but also many benefits, such as flexible work hours, potential to earn an income far beyond a fixed salary (in the long run, of course!) and success on your own terms. A self employed health insurance can make sure you’re on track, in case of a health set back. The last thing you need to come in the way of your dreams is debt caused by an unexpected health problem and huge medical bills. You won’t to be able to take care of the problem and get on with chasing your dreams.

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Here are a few things you must know about self employed health insurance.

Specific requirements

A self-employed person has different needs from a business owner. Also, there’s always a chance that the self-employed person might convert his freelance career into a small business and employ other people. These are the factors that he must keep in mind before securing his self employed health insurance. Individual and Family Plans are better suited to self-employed individuals rather than Group Health Plans, which are ideal for small business owners.

Also, self-employed people may find that a PPO or Preferred Provider Organization plans work best for them. Since they’re insuring only themselves and their family, they can choose the provider that includes the hospitals and doctors that they prefer. As the name implies, under PPO, the insurer provides you a list of hospitals under which you can take treatment for injury or illness. This is ideal for self employed health insurance.

Other options

If you’re considering PPO plans, you may also take a look at HSA-eligible plans. An HAS is a bank account that you can use to save money to meet your medical expenses. It works like the 401(k) or the FSA (Flexible Spending Account). This may be a good option for self employed health insurance for certain kinds of self-employed people. With the HSA plan, you pay a lower premium, and this is good for you if you’re young. However, do remember in case of an illness or medical expenses, you’re deductibles will be higher. But the advantage of the HSA is that the money remains yours in the following years (of non-usage), and continues to accumulate and earn interest.

If you’re looking for self employed health insurance, there are lots options to suit your budget, your health status and your lifestyle. Just make sure you get one!

 

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