Self Employed Health Insurance Coverage Options
January 18, 2011 | In: Health Insurance
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It is often difficult for people to find and afford self employed health insurance. Since an employer is no longer paying at least half of it, the cost can be excessive. If the person cannot afford the monthly premiums, he is forced to cover his own medical expenses. Let’s learn more about health insurance for self employed people.
People who are working for a company that has medical insurance can choose to extend their health coverage under a program called COBRA for 18 months after they quit their job. This gives them a chance to get established in their new job and to look for an insurance plan that will cover them. It will, also, continue to cover pre-existing conditions.
There are individual health insurance plans that are available for self-employed people and their families. Many of these have numerous benefits, and some will even cover assets, too. The most important thing is to find a plan that you can afford and that meets your needs. The right health insurance is important because most bankruptcies are caused by unforeseen medical emergencies.
Existing medical conditions are a real problem when it comes to getting medical insurance coverage when you are self employed. You won’t have to worry about it while you are still under the COBRA plan, but finding a company that will cover you with an individual plan may be harder than you think. Some companies won’t even consider giving you a policy. There are a few that will take over your COBRA plan if you don’t allow it to lapse.
Even though medical insurance is so expensive for the self employed, they do have the advantage that they can take the amount they pay for it off on their taxes, allowing them to recuperate it all. This is the same opportunity that big businesses have. Of course, consult with your accountant to see exactly what is deductible on your taxes.
It is not easy to find self employed health insurance, but it is possible. It is even harder if someone has a medical condition that will need to be covered. The best thing you can do is talk with individual companies and get quotes off the internet. Compare them and choose the one that meets your needs the best. Your health is too important to be without the necessary coverage, so go online to see what your health plan options are as a self employed person.
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