Being self employed may be the best decision you ever made in your life. Whether you run your own business, or work as a contractor, you have more freedom and flexibility. This gives you more time for family, friends, or travel. This is just some of the benefits that come with self employment. Unfortunately, having an affordable self employed health insurance is not one of those benefits. If you support a large family, you must know how expensive it can be to cover everyone, especially those with medical issues. Use the following advice to find an affordable plan in your area.
Hire an Insurance Agent
If you do not know where to start, hire an insurance agent. Before choosing one, do your research. Only knowledgeable insurance agents will allow you to interview them and to compare their plans. For instance, you may not want an agent who uses medical coders. They are often expensive.
The best way to find a reputable agent is through your state Insurance Commissioner’s office. The Insurance Commissioner will go through records of insurance agents that will show the best ratings. They can also help you find out if there have been complaints filed against your insurance agent.
Create a Health Savings Account
Another option is to set up a health savings account. This allows you to set aside a certain amount of money for emergency medical services not covered by your current health insurance plan. The Self Employed Web says, "employees -- and their employers, if they choose -- contribute pre-tax dollars to an account earmarked for out-of-pocket health expenses." This pre-tax money will gradually build up overtime with interest.
A health savings account gives you the freedom to pay necessary services for members of your family with health problems. This self employed health insurance is an ideal option since you avoid high taxes. Note that the deductibles for these plans are high, so find an emergency plan first. Use this type of account only as a last resort.
Trade Unions and Warehouse Clubs
Self employed individuals often do not know about this final option. Most freelance or trade unions offer self employed health insurance. If you are a member of a freelance union, check with your union’s available insurance plans. Find unions in your state that offer affordable plans. There are also national unions, such as NASE, which offer self employed insurance plans.
Another type of service that offers health insurance are warehouse clubs. If you are a contractor for a warehouse club, you may be eligible for health insurance benefits. Plans and benefits may vary depending on the state you live in. Check with your human resource manager for more information.
The following information will help you find the right self employed health insurance. My main considerations in this article are based on personal experience, and therefore, it is important for you to research various plans according to your needs. Use the Internet. Watch out for plans or scams that cause you to lose money.
