Getting Health Insurance when self Employed

Just because you own your own business does not mean you cannot enjoy the benefits of health insurance. There are millions of Americans and Canadian business owners who are not aware of this fact and therefore have to pay the high costs associated with health care and medications. You can buy health insurance for yourself and your family, just as you can buy home insurance, life insurance and auto insurance.

Most states offer several different options for health insurance for home-based businesses. You should browse the state website on health insurance to see what is available in your state. Insurance brokers can also offer you direction in options for health insurance and help you to find a policy that is tailored to your needs. By using a broker you will receive results about different types of policies and the premium costs so that you can get the type of coverage you want at the cheapest cost. You can also look into the possibility of joining a trade association or a small business association and avail of group rates for insurance.

Evaluate the benefits of the insurance coverage before you purchase health insurance on your own. A single man, for example, will not need to have maternity benefits included in a policy. You can also save money if you choose a higher level of deductible if you can afford to pay this amount of money for any claims.

Another option in obtaining health insurance when you are self-employed is to enrol in a health savings account. This is not actually health insurance, but by paying into the account, you have a type of savings plan in which the monies you invest can be used towards paying for any medical expenses that you may incur. There are disadvantages to this option, though, because you do need to have high deductible insurance coverage.

When looking for health insurance, you do need to be in good health. If you have any pre-existing medical conditions, you may still be able to get health insurance with these conditions excluded from the policy. Some medical conditions, such as diabetes or cancer, means that you will not be approved for a health insurance policy at all.

Medical discount cards are also available and provide you with discounts when you visit a doctor or have a prescription filled at a pharmacy. You do have to be careful about purchasing such a card because there are scams in this area of health insurance.

If you are insured under your current job and want to leave to start your own business, you can avail of COBRA. This allows you to retain your health insurance coverage for 18 months after leaving your job as long as there are 20 employees or more in the company.