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Health Insurance for the Self Employed

By Compuquotes Team on March 27th, 2008

Health Insurance

It may be surprising to learn that the number one reason stated for people not leaving their career for self employment is the lack of inexpensive health insurance benefits. It doesn't surprise me with the skyrocketing prices of health insurance costs.

For those who have already jumped into their own business there are many ways to cut your costs of living, and going with health insurance is not a way to save money. If something was to happen and you weren't covered under any health insurance you would likely lose you business to medical bills and prescriptions.

If you are married the best way to get affordable health insurance is to protect your family through your spouse's employer. If one member is working for a company that offers any sort of group insurance plan it is usually at a discounted rate and is likely the cheapest option for you and your family.

For those who are self-employed Cobra is offered to you for the beginning stages of your business. In fact for the several months following the day you left your job, your employer is required by law to give you the option of keeping your membership in their group health insurance plan. You are required to pay the entire family monthly premium paid by your company rather than the amount you have been paying as an employee. This happens because your employer was covering some of the cost as an incentive for you.

Sometimes the full cost of your previous employer's insurance may surprise you. It isn't uncommon for a family health insurance through a group to cost a thousand dollars per month. Although this seems outrageous it is still less expensive then most health insurance plans that are purchased as individual. This Cobra option is only temporary so it is wise you start your search for the right health insurance immediately.

For long term health insurance there are several national and local organization of self-employed people who have joined together to combine their buying forces to get discounted group rates through insurance companies. There is more information available on these groups through the National Association for the Self Employed or the American Association for Home-Based Businesses.

There are several states that offer health insurance in group policies for groups of one. There will be some shopping around on your part to be able to locate the company that offers these cheaper benefits. There are more upsides to being insured on a group insurance policy. The main upside is that the group policy must cover everyone in the group, regardless of any existing or prior health conditions. This is great for those who have been turned down for an individual health insurance policy because of their poor health.

If you are self employed you need to have health insurance to protect you and your business in case something was to happen to your physical health. This especially applies to those with children to protect. If you search thoroughly you are sure to find the best offer whether it be through a local insurance company or a group program through a self-employed association online.

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