Affordable Health Insurance Is Crucial For The Self-Employed

The self-employed are naturally independent people and hard-workers - and for them, a good and affordable health insurance is very valuable. Most of us fear going autonomous because we dread the inability to get affordable health insurance if we become self-employed. Instead, we develop a high-level of preference for company employment since that would guarantee us a group health insurance.

Health Insurance For The Entrepreneur

The brave will never fear to tread in unknown territory. These people will study the insurance landscape to review what's out there consider the risks involved before choosing an affordable health insurance package. No sane man will refuse good health insurance cover. There are always ways to find affordable health insurance if we would pay the price to sniff them out.

Lucky people can obtain an affordable health insurance from employer-sponsored group health plans through family members. Though this may cost you a larger premium, it is a more comprehensive plan (includes prescription drug benefits and low cost sharing). In addition, the coverage has far greater consumer protection under the law.

The newly self-employed would do themselves justice by looking at COBRA (Consolidated Omnibus Budget Reconciliation Act, a federal law in effect since 1986) as soon as they are no longer employees. The law requires an employer to give a laid-off, quit or retired employee the option of continuing their coverage under the company's health insurance plan if they want to. Of course, the former employee has to pay the premiums. But it would generally be a more affordable health insurance plan when compared to an individual insurance plan. However, it is advisable to start thinking of alternatives to this kind of coverage as soon as possible since the option above is temporary.

Affordable health insurance can also be gotten by joining a local group of self-employed individuals with no other employees (group of one). Under this plan, self-employed persons can gain access to policies sold to other small employers and enjoy some or all of the legal protections that attach to those policies. Other affordable health insurance plans are on the website of the National Association for the Self Employed (www.nase.org) and that of the American Association of Home-Based Businesses (www.aahbb.org).

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