Self-Employed Health Insurance Options–Are Affordable Plans Available To Cover Medical Costs?

Health insurance has become more of a priority and concern for numerous individuals in a variety of ways and this is due in part to the fact that healthcare legislation was passed only months ago and has many thinking about their health insurance opportunities. While there are some employees who may not be covered under their employer who may need health insurance or unemployed workers who may be looking for ways to cover themselves while they continue to seek a job, there are also self-employed individuals who may need health insurance so that they can get their business running without worrying about incurring high medical costs.

Starting a business is no easy task and for individuals who may be self-employed, finding health insurance that will be beneficial for their situation has been a problem in some ways. While some individuals who have left their job to start their own company may be able to continue to use a COBRA health insurance plan for a year and half after they leave their employer, those who have been self-employed for the long term may have a more difficult time when it concerns health insurance plans.

There are numerous options for certain types of coverage and these may vary from state to state, so any self-employed business owner will have to explore opportunities that may be in their particular area for health insurance. However, some have chosen to partake in a short-term health insurance plan, which will only cover them in case of a catastrophic emergency, while others may use health savings accounts as a way to save money in case high medical costs are required down the road.

Obviously, options like a short-term health insurance plan will only be helpful in meeting costs that are associated with a major medical emergency that requires surgery, an extended hospital stay, or a high cost of medical treatment. Yet, they can be helpful for certain self-employed individuals as, again, if an emergency were to arise the policy holder would not have to meet the entirety of these costs alone.

Also, there are some self-employed individuals who choose health savings accounts which can be beneficial as the policyholder can deposit money into their account, which can come from pre-tax income, and will allow the policyholder to set aside funds to pay for medical services later. Yet, factors like deductibles, the availability of certain plans from state to state, and costs all have to be factored in by the policyholder, but these plans have been helpful over the past months for certain self-employed individuals as they obviously provide at least some form of security and will not require that medical expenses all be met out of pocket were an emergency to arise.