Health Insurance Options for the Self-Employed

One of the biggest concerns self-employed workers often have is locating, as well as being able to afford, health insurance for to help cover their medical expenses. Health insurance rates and deductibles tend to be high for the self-employed worker, leaving many self-employed workers without medical coverage in which they could afford. The following paragraphs will discuss some of the health insurance options available for self-employed workers.

Please keep in mind that some of the laws regarding health insurance for the self-employed will vary from state to state. However, COBRA, or Consolidated Omnibus Budget Reconciliation Act, is a federal law. It simply requires any company employing more than 20 employees to permit those terminating their employment to continue their current health insurance coverage for a minimum of 18 months. This is good news for employees leaving a company in order to pursue self-employment. COBRA will enable these workers ample time to find other health insurance arrangements to best meet their individual needs.

One option a person pursuing a self-employed career can consider for health insurance is being added to a spouse's policy. If a spouse is gainfully employed, by a company that provides health insurance options, it is very likely it would be less expensive to be added to that policy, as opposed to trying to find one independently. Some companies are even offering health insurance coverage for domestic partners.

If a self-employed worker does not have a spouse or a domestic partner, there are other options they can consider when it comes to health insurance options. Some states now allow self-employed works to present themselves as a "group of one", thus purchase a health insurance policy at group rates. The premiums for "groups of one" are most generally less expensive than premiums on a typical individual policy.

If a worker is just beginning in self-employment, and simply cannot afford a health insurance policy of any time, seeking part time employment can be a solution. Many companies now offer health insurance benefits to their part time employees, although sometimes the employee must first work through a probation period. This option will allow the self-employed worker time to build their business, and still maintain health insurance while doing so.

When shopping for an individual health insurance policy for a self-employed worker, it is very important to do some research. As stated earlier, health insurance laws will commonly vary from state to state. What may apply to self-employed workers seeking insurance in Texas, may not apply to self-employed workers seeing health insurance coverage in Ohio. Doing thorough research when trying to find the best health insurance policy for a self-employed worker can be vital for this very reason.

During the research process, it is as equally as important to compare prices of different health insurance policies available for self-employed workers carefully. The ultimate costs of individual health insurance plans can vary greatly depending on several factors. These factors can include:

• age
• medical history
• the individual health insurance provider

In some cases, the individual health insurance provider will require an applicant to pass an in depth medical exam before they are approved for coverage. Because of the overall high costs involved with this type of health insurance plan, it is very important to compare costs of several different policies with extreme care.