Self Employed Insurance Options to Consider

Is your self-employment insurance coverage the right coverage for you? Do you have self-employment insurance or just hope you never need it? With health care costs skyrocketing and coverage getting more expensive each year, you may be thinking you can’t afford self-employment insurance. You really can’t afford not to have health coverage. A sudden accident in the family or an unforeseen illness could take everything you’ve worked so hard to build up and tear it all down. If you value your business and, more importantly, your family’s health, you’ll invest in self-employment insurance.

If you need insurance, how do you decide between different plans and options? If you already have self-employment insurance, how can you be sure the coverage you have is the right coverage for you and your family? The best answer to these two questions is to speak with an agent or provider who specializes in self-employed health insurance. This article is too short to cover all the options available to you and each situation is unique and requires an individual group of products. Below are some of the options available to you and your benefits.

Individual insurance for the self-employed is the most common form of health care and will provide the necessary coverage for you and your family. A disadvantage of an individual plan is that these policies take into account the medical history of each person insured under the policy, this can increase the costs of coverage.

If you have enough employees to meet your providers’ requirements for group health care, this may be the best route. Premiums are generally lower, while coverage remains the same as individual health care. A new option recently added is the Health Savings Account (HSA). Health savings accounts are generally high-deductible health plans that provide coverage for critical illnesses and a savings account to build funds for other routine medical expenses. Both your savings account deposits and your premiums are tax deductible. Deposit maximums are decided by the government and are subject to change.

Regardless of which option(s) you choose, make sure you have enough coverage for you and your family. A trained independent health insurance provider or agent can help you make the right decisions for you and your peace of mind.