Finding health insurance can be a challenging process if you are self employed. Many small business owners and self employed individuals do not consider purchasing there own health insurance. There are affordable health insurance options available for the self employed from top health insurance companies.
No one who is self employed should go without a major medical plan from a top rated health insurance company. When considering a health insurance plan you will need to determine what kind of coverage you want.
There are many options available to protect your self and your Business from the financial risk of an accident or major illness, but they are not all equal. Some companies have very limited benefits that will not be much help in your time of need. That is why we recommend selecting a top rated health insurance company for your self employed Health insurance needs.
The question you want to ask yourself is: am I able to risk purchasing health insurance that is cheap from some off-brand company I have never heard of?
It is not worth risking financial disaster to save 50-100 dollars per month because, if the so called insurance does not cover what you thought it would not only will you have to pay for the medical bill you have also lost the money you spent on the insurance. Even if you cannot afford to spend much on health insurance it is better to have a high deductible plan with a major health carrier that you can afford then it is to go without or purchase a limited plan.
Below is what all self employed people must understand when considering health insurance:
Co-pay: Is a fixed amount you must pay at the time for service for a doctor office visit or a prescription.
Deductible: Is a flat amount that you must pay before the insurance will pay any benefits
Coinsurance: Is the percentage of your bill that will be paid by the insurance company AFTER the deductible is met.
Out of Pocket Maximum: Is the most you will have to pay AFTER the deductible.
Does the health insurance have any limitations, exclusions, or waiting periods for services?
Chris Denorch is a licensed Insurance agent with over 8 years experience with Self employed health insurance and Health insurance for Self Employed
christopher l denorch
http://www.articlesbase.com/small-business-articles/what-you-need-to-know-about-self-employed-health-insurance-720728.html
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#1 by rascoe627 on September 6, 2010 - 6:53 pm
How much is good health insurance for self-employed business owners?
I am thinking about leaving the post office to start my own lawn business. I know I will be missing out on good health care and other benefits, but I will make at least $10,000 more a year in lawn service during a 6 month season. This does not include income from yard owners who needs maintenance during off seasons and starting other ventures like house cleaning.
If I decide to take this risk, how much must be set aside to cover personal health insurance for two dependants, 401k and etc. Also, what happens if I ever become disable or unable to work. Will I be able to withdrawal disabilty income that will match past earnings?
Thanks a million
#2 by Mike K on September 6, 2010 - 11:55 pm
Will you make 10,000 or 100,000 a year? 10grand a year is below poverty level. That is a difficult question for anyone to awnser over the Internet. Your premium would depend on how healthy you are, and what is in your personal Medical Information Bureau.
Your premium I imagine would be anwyhere from 350-500 per month. Research a Health Savings Account, it is practically a Medical IRA. The one I have earns 6.25 Interest.
References :
#3 by Zarnev on September 6, 2010 - 11:57 pm
There is no one best company and with health insurance you get what you pay for.
With health insurance there is no "one size fits all". When you shop for a new car you have a choice between the basic low end model with no options, a fully loaded luxury car, or something in between. Health insurance is the same. If you shop for the cheapest you’ll get the basic low end model which may or may not have the benefits and coverage you are looking for. Visit a local agent that works with all the major companies in your area. The agent can find the best plan for your situation and budget and can explain what you get and, more importantly, what you won’t get with the plan. There is no extra charge using an agent.
Be very wary of medical discount cards. They are not regulated by the Department of Insurance nor do the people that sell them need to be licensed. This means you have little recourse when you have problems with the plan. If you are tempted by the low price and claims of “save up to 80%” be aware that very few doctors actually take these cards. It does you little good if you have to drive 4 hours to find a doctor that will accept the card. Montana couldn’t find any doctors in the whole state that actually took the card and only one dentist who was on probation for unlawful activities so they banned the sale of the card and fined the company. See this link http://www.insurancejournal.com/news/west/2006/11/22/74554.htm for more information. Many other states are starting to ban these cards as well.
Before signing up with any discount plan get a list of doctors. If they won’t give you a list consider it to be a scam. Call the doctors on the list to make sure they’re still taking the card (many don’t even know that they’re listed as a provider) and that they’re accepting new patients.
You will need a disability policy to cover your income in case you can’t work. The premium will depend on how much your annual income is and what percent of that amount you want each month if you can’t work.
The 401K is a personal choice. The more you can put in the better. If you get an HSA qualified health plan you can also put money into the HSA account, which works just like an IRA except you can withdraw money for medical purposes as needed.
References :
Independent Agent
#4 by mbrcatz17 on September 6, 2010 - 11:59 pm
The average family health insurance plan costs $1200 a month. Disability coverage would be through a private policy, rated based on your occupation and age – probably somewhere between $100 and $500 a month. Workers comp, is based on payroll, but for your class of business, it would run you a minimum of $1500 or 20% of your payroll, whichever is HIGHER. LIkely you’ll need the workers comp before you can get health or disability coverage, as they won’t want to pick up workers comp claims.
401K – or a SEP, whatever you want. YOu can put as much or as little into it.
References :
agent, 21+ years