Self Employed InsuranceA majority of people employed with business organizations enjoy health coverage benefits for themselves and their families through low cost group insurance provided by their employers. However, self-employed people are a unique category that do not enjoy privileges such as this from anywhere and they must find the best health coverage solutions for their own sake. Adequate health insurance for self-employed becomes even more crucial considering the inherent economic uncertainties involved in a self-employed career in a highly competitive environment.
COBRA Benefits for the Self-Employed
Many former employees turn self-employed when they leave the service of their employers for various reasons. One of the options available to such individuals is to continue their health coverage that existed under employment through COBRA. This government act enables a former employee to extend the health benefits for a period of up to one-and-a-half years after resigning from the job. The condition is that the entire premium on the coverage must be borne by the self-employed and Cobra monthly premiums can be extremely expensove.
Health Insurance for Self-employed Beyond COBRA
A number of insurance options are available to self-employed persons beyond the initial coverage supported by COBRA. One of the basic choices available to a self-employed professional is to purchase an individually underwritten policy from the market by comparing the costs and benefits of various offered policies.
As long as the individual's and the dependant family's history of health is normal, it is not difficult to purchase a good policy with the right combination of costs and benefits that suits the individual's needs. The chosen plan should be such that it offers sufficient protection for the self-employed person's family as well as the assets. Medical emergencies can result in bankruptcy for a self-employed if adequate health coverage has not been ensured. To obtain an individual health insurance quote click here.
Coverage through Spouse's Health Insurance
One of the options available in case of health insurance for self-employed is to obtain a coverage under the spouse's health insurance. If the spouse is employed and receiving health coverage under the employer's group health coverage program, it may be possible to convert such insurance into family coverage by paying the extra premium cost from your own pocket. This can turn out to be a cheaper proposition because the group insurance policies for employees will usually have cheaper terms compared to what an individual may be able to buy from the open market.
Medical Insurance with Troubled Health History
The route of buying health insurance through the spouse's coverage is advantageous for an individual who may have a troubled health history pertaining to him or any other family members. Group insurance plans may not be able to deny coverage in such a case to the self-employed or the family members.
Furthermore, a troubled health history may be a hindrance for a self-employed individual to acquire an individual health policy. These individuals will want to seek a guaranteed issue medical insurance policy, which means that the insurer will not deny coverage to the applicant. Guaranteed issue plans are available by calling 1-800-771-7758.