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Self Employed Health Insurance Plan

Self employed health insurance plans are often costly because the individual or family is a “group” too small to be granted the benefit of volume/discount pricing of a larger group. Nevertheless, it is worth the cost. For self-employed people, health insurance as a preventative measure is crucial; they cannot afford the catastrophic consequences and loss of income that would result if they become too ill to work.

The first step is to determine how much coverage you (or your family) need. Basic, routine medical coverage can be obtained for a reasonable cost; a comprehensive policy will cost significantly more.

But there are several ways to lower the cost of an individual plan for self employed health insurance. You can lower the monthly premium by opting for a higher deductible. You can also save money by taking out a policy for just major medical or hospitalization.

The best way to reduce the cost of self employed health insurance is to join a trade association or small business association that offers a group self employed health insurance plan. In addition to the lower cost of group insurance, self employed health insurance obtained through an association has the benefit of prohibiting its members from being singled out for rate increases.

With self employed health insurance, you get to choose the policy and carrier that best meets your needs rather than being stuck with an employer's decision about what will be available to you.

In addition, as a self-employed individual, you are entitled to deduct 70 percent of the cost of your monthly health insurance premiums on your federal income tax return.

Shopping for health insurance takes time that self-employed people often don't feel they have. But it's very important to examine all your options and compare all the details (such as co-payments, maximum limits on a claim, lifetime claim limitations, etc.) of policies in which you are interested. Our site is organized to save you time as you search through the options and details that are best for your situation.

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