ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Health Insurance for Self Employed Workers

Updated on September 11, 2012
Source

Health insurance for self employed individuals is something that can often be overlooked, even by the very people it's designed to protect. Self employment can prove to be quite rewarding, and it has plenty of advantages, so it makes sense to protect your most valuable asset - you! When it comes to health insurance, self employed workers are often unsure whether or not it's available for them and their dependents. The answer is yes! Health insurance policies are available for those that are self employed, the key is to understand the difference between health insurance for self employed individuals and health insurance for regular employees.

The Importance of Health Insurance for Self Employed Workers

Having your own health insurance is becoming more and more important. Health care costs are steadily on the rise, and more and more people are finding that covering their medical costs can place a significant financial strain on them and their family. Without health insurance, it is difficult for people to afford to see a doctor when they are sick, much less have any type of medical procedures or test carried out. Health insurance helps to take some of the financial responsibility off the individual. Health insurance for self employed individuals is no different in this respect. While it's safe to say that most people, whatever their work status, will have a need for some kind of health insurance, the policies for self employed individuals and regular employees do have a few differences. Perhaps the key difference is the fact that self employed health insurance is considered an individual policy, rather than a group policy.

Having the Right Kind of Policy

There are a variety of different policy options available for self employed workers. While most people are concerned about finding affordable health insurance, self employed individuals need to ensure they get the right type of policy and have adequate coverage. Choosing the most appropriate health plan can sometimes be tricky, simply because there are so many options available and it can be difficult for someone who's new to health insurance to understand which features are most important. Some of them will offer lower premiums and higher deductibles, others will offer higher premiums and lower deductibles, and the amount of cover offered can differ from one plan to the next. It's really a good idea to get a full understanding of the various plans before choosing the one that is right for you, paying particular attention to the amount of coverage the policy offers - having adequate coverage is crucial. It may be cheaper but paying for a policy that doesn't actually have enough coverage to help you when you need it just doesn't make sense.

Tips for Comparing Self Employment Health Insurance Plan

The best thing to do is sit down and compare a few different health insurance plans. When deciding on which plan to go with, it is a good idea look at the benefits and features of each plan side by side to try and decide which you need and which might be surplus to your requirements. This will give you the opportunity to compare and contrast the plans in order to find the one that's right for you. There are three main types of health insurance for self employed individuals. These include the High Deductible Health Plan, the Health Maintenance Organization and the Preferred Provider Organization. They each have their own benefits.

  • The High Deductible Health Plan, or HDHP, will generally have lower premiums, but the deductibles will be higher (hence the name 'high deductible' health plan). The best way to ensure that you are able to cover these high deductibles is by having a HSA, or a Health Savings Account.
  • The Health Maintenance Organization, or HMO, is another popular plan. HMO plans are typically quite reasonably priced, and there are usually no deductibles required. This can be great for those that frequently visit the doctor. There are, however, copays for prescriptions, hospital stays, and ER visits. The main downside to this type of insurance plan is the fact that you will have to choose a doctor that's recommended by the network.
  • The Preferred Provider Organization, or PPO, has a lot of freedoms associated with it. You can visit any doctor you choose, but the copayments will usually be higher. This type of plan can sometimes be more expensive than an HMO plan.

These are just some of the basic options that you will need to consider when comparing health insurance for self employed workers, but there will be features specific to your needs that you'll also need to look at too. It's always worthwhile taking a little extra time to research your options carefully before making a final decision.

Finding The Most Affordable Self Employed Health Insurance Policies

Quite often, workers who are self employed don't consider getting health insurance because they feel they won't be able to afford it, but affordable plans are becoming increasingly more available these days with all the changes to the health plan environment - you just have to know where to find them. Looking on the internet is a great way to start your search for affordable health insurance, and it makes it easy to compare rates and find the policies that will best meet your needs - so you can get on with running your business knowing that you've got your health covered.

Best Place to Look for Self Employed Health Insurance?

What Do You Think?

With the upcoming election, who's health policies do you think will do more for self employed workers?

See results

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)