Self Employed Health Insurance

Today, people are much more concerned about their health and try different ways to keep themselves healthy. But majority of the people tend to ignore an important aspect of health, which is the possibility of falling sick and facing medical emergencies. These days paying for hospital bills have become an expensive affair and a lot of people tend to lose all their savings in such circumstance. So to avoid paying off all your hard earned savings yet meet the medical expenses it is best to invest in having health insurance policy and ensure safety for your health.

Health insurance is a must for all but if are a self employed business person or if you are a freelancer you would not be able to enjoy the benefits of general health insurance policies. However, you can opt for buying a self employed health insurance, which as the name suggests is designed especially for people who run their own business or do not have any fixed monthly income.

By having a self employed health insurance coverage you can be sure that all your medical expenses including treatment for injures, serious ailment are covered by the insurance company. However, to be able to enjoy the benefit of the insurance, you must choose the right policy. The following tips will greatly help you get appropriate coverage:

Take advantage of the COBRA:

COBRA or consolidated Omnibus Budget Reconciliation Act allows you keep the insurance coverage provided by your employer for about 18 months after you quit the job to start your business at the same group rate. However, you can benefit from the COBRA only if the organization you were employed with had more than 20 employees and you were not fired from your job.

As per the COBRA rules you must cover for the monthly premium amount paid by the company you were employed with. This benefit of this is that the actual insurance cost is much more affordable for you than any plans that you would have bought as an individual. However, you must known this arrangement is only temporary and it be devoid after 18 months so it is important that you look for alternative insurance plan while you still have the coverage.

Work with a good health insurance agent:

While there are plenty of health insurance agents, only a few have in-depth knowledge about the different aspects of the insurance coverage. Before you hire an agent, make your sure do a background check on his/her credentials and compare the prices and plans offered by different agents. Before you sign any policy offered by the agent it is advisable to check with your state insurance commissioner office about the work history of the agent and know if there are any complaints against him/her. Once you have a good agent, he/she would help you choose the best coverage to suit your needs and financial status.

Another way to get a self employed health insurance policy at affordable price yet get complete coverage is to opt for a plan that has high deductibles and combine it with your health savings account. You can deposit the pre-tax amount in your health savings account and use the same to pay for the medical expenses.