What Insurance Do I Need If I’m Self Employed?

A very crucial decision for the self-employed person is choosing the correct insurance coverage for his/her self-employment plans. The majority of self-employed feel that it is more logical to procure insurance for the self-employed rather than going in for the more expensive group insurance. For this, you should first have several quotes from different companies with respect to the insurance plan you need.

Finding affordable self-employment insurance can be a major hurdle for people interested in either beginning or continuing their entrepreneurial ventures. In fact, there are countless stories of people who forego their dreams of entrepreneurship in favor of low-paying jobs with good employer benefit packages. Some deal with this dilemma by not buying health or disability insurance at all. For those in perfect health this may be a possible, if risky, alternative. But let’s discuss options for the majority simply hoping to minimize the cost of self-employed insurance.

Individual health insurance, the most common option, is also one of the most restrictive options for people seeking self-employment insurance. Many companies will not even offer individual health insurance to those with pre-existing medical conditions, or will only do so at an exorbitant cost. If you are in good health however, you may choose to get individual coverage with low premiums and high deductibles. Although risky, this is one option for self-employed individuals looking to limit the expense of health insurance while pursuing their preferred work. If you are married to someone who receives employer benefits you may be able to capitalize on a spouse package. If not, more and more companies are now offering group health insurance for individuals. Fortunately, these group plans must accept individuals with pre-existing health problems. Research is required as this alternative varies from state to state.

Self-employment insurance is a major topic these days, and there is a wealth of feedback regarding specific options. For those in generally good health, local chambers of commerce, and the Small Business Service Bureau have received good consumer reviews. There are also many options for specific industries and occupations, such as the Freelancers Union.

For those with pre-existing medical conditions, many states offer plans for small-business owners by lumping them together with state employees. Health insurance, which provides state-by-state options for small-business owners, is an excellent resource for finding self-employed insurance. Finally, don’t hesitate to search our website which offers access to a number of providers whose plans might suit your specific needs.

Having chosen a provider, there are a few ways to further minimize the cost of health insurance. If you do not require regular prescription medications and doctor visits, consider reducing the level of coverage and opting for higher deductibles. Paying for your premium annually as opposed to quarterly or monthly can sometimes save on service fees. Searching for and choosing a provider on your own online eliminates broker/agent fees.

Finally, make sure that you write off your health premium expenses when you file your taxes. By utilizing all of these options, you will have the best chance of escaping the dilemma of finding self-employment insurance.

For a consultation and a quote contact us at S.T. Good Insurance of Florida today at (772) 287-3625.

Leave a Reply

Your email address will not be published. Required fields are marked *