Self-employment is a dream of millions of Americans. You choose your own hours, set your own salary and, best of all, you get to be your own boss!
But some folks considering self-employment are worried about losing their employer-based health insurance benefits. If you’re reluctant to strike out on your own for fear of losing access to affordable health care, an individual health insurance policy may be right for you.
Individual Health Insurance for the Self-Employed
Contrary to what many Americans believe, you don’t need an employer to gain access to health insurance. Just as you purchase insurance for your car or home, those who are self-employed can shop around and purchase a health insurance plan in the same way from some of the Top Life Insurance Companies.
Individual health insurance is a type of health insurance coverage that is provided to individuals rather than to employers or organizations. It can be sold to an individual, to a parent and dependent children, or to a family. Just like employer-based plans, a number of indemnity and managed care plans (including HMO, PPO, and POS) and whole life vs universal are available from most individual health insurance providers.
Benefits of Individual Health Insurance
There are four major advantages to choosing an individual health insurance plan rather than employer-based coverage.
- Individual health insurance allows consumers to get the coverage they want, whereas employer-based coverage usually provides limited options
- Consumers have the freedom to pursue better rates with other companies
- Can be more affordable than employer-based health insurance
- It’s not dependent on an employer
Health Insurance Money-Saving Tips
First and foremost, the best way to keep your health insurance costs low is to compare plans from multiple companies. Choosing the first policy you come across may be tempting, but shopping around could land you similar coverage at a more affordable prices, just check out the reference material that’s freely available all over the web.
Also, consider choosing a health insurance policy with a high deductible. The rule of thumb is: the higher your deductible, the lower your premium. Keep in mind that you will be responsible for medical bills out of your own pocket until this deductible is reached. With InsWeb, you can compare health insurance quotes from top companies!
Home-Based Businesses and State Coverage
If you run a personal business from your home, you may be able to secure health insurance coverage through a home-based business program. Check with your state’s department of insurance to learn what’s available in your area. The Small Business Service Bureau, AARP (for people over 50), and industry-specific trade associations sometimes offer health insurance plans to small businesses.
Individual health insurance can be an extremely affordable–sometimes even less expensive than employer-based coverage. Shopping around for online health insurance quotes could land you a fantastic health insurance policy at an affordable rate!