Making the decision to go into business for yourself can be enormously exciting. No more bosses, no more driving to the office etc. However, one catch to this seemingly perfect employment situation is finding your own health insurance now that you don't have a HR department to take care of it. The good news is that finding self employed health insurance is not as difficult as you may think.
Self employed health insurance is designed for people who work for themselves either from home or from a small office space that they do not own or rent but that they use as an independent contractor. Some self employed health insurance plans include cover for one other employee, partners, and children (if applicable). There is often a cap of five people that can be covered on a self employed health insurance plan. Often times, self employed health insurance providers require you to have a minimum number of people on your plan in order for them to offer certain benefits. Some plans may not even be available unless you have three or more people being covered.
When you are self employed, it is very important to have health insurance cover. When you work for yourself, any time spent dealing with sickness or injury is money being lost. With a self employed health insurance plan, you are able to take advantage of private medical insurance treatment. This means that you are able to choose when and where you are treated, which can be crucial if you have got deadlines and meetings that you can not miss. There are even some self employed health insurance plans that provide a service that will notify your clients if you're incapacitated for any amount of time.
Here are a few tips to help you on your way to finding the best self employed health insurance:
- Try to remain under your former health insurance cover while you are searching for you self employed health insurance. If you do this, you will be covered during this transitional period when it is important to be at your peak health in order to get your business up and running.
- Try not to get tempted in by perks that are offered by different companies because they will end up costing you more than they are worth. Many companies will offer you perks like health club memberships, massage therapy cover, and other unnecessary things. While these perks may sound appealing when you're discussing cover options, they may not seem as appealing when you are paying unmanageable health insurance bills down the road.
- Consider not getting basic cover for check ups and preventative visits. Instead, put aside a bit of money each month to cover these expenses when they come up. By only getting cover for catastrophic or emergency care, you will pay far less each month than if you decide to get full cover.
- By choosing a higher deductible with your self employed health insurance plan, you will pay significantly less in monthly payments. To cover the extra cost in case you need to take advantage of your insurance, put a bit of money aside each month to cover the higher deductible.
- Do research into the self employed health insurance companies you're considering. Do an internet search to see if they have had complaints made against them, and if they have, it is important to see how they resolved the disputes. It is important to choose an insurance company that will side with you if you are ever caught in a dispute. While you are doing your research, remember that no matter how reputable a company is, they will have complaints made against them by someone. The important thing is to find out how the companies resolve the disputes.
- Discuss your self employed health insurance plan costs with your accountant. Most likely, you will be able to claim your self employed health insurance on your business taxes as a legitimate business expense. Taxes are complex though, so be sure to discuss this with your accountant before you count your health insurance as a business expense.