Self-Employed Business Owner High-Deductible Health Insurance May Offer Lower Health Care Costs But When Is It Helpful?

Some self-employed business owners are in a position where they may feel affordable health insurance is simply out of their reach due to the fact that an individual health insurance plans may be too costly, but there are some business owners who are turning to options that small businesses have used as a way to find affordable health insurance costs when they need to cover numerous workers. Obviously, the burden that may come for a self-employed individual could be much higher since an employer may not be able to help them meet a percentage of their health insurance needs, but when it comes to using high deductible health insurance plans there are some entrepreneurs who may be able to benefit from this particular type of healthcare option.

However, there are some instances where a high-deductible health insurance plan may not be right for a small business owner so this is where many advisers often counsel small business owners to make sure that they look at a variety of plans because there may indeed be some individual health insurance policies that could fit the cost requirements and health insurance needs that a specific self-employed individual may be seeking. Yet, in some instances these types of health insurance plans, which can also be paired with a health insurance savings account, could be just right for a small business owner but again, there needs to be research done on the part of the small business owner to fully understand what these options will offer.

Essentially, a high-deductible health insurance plan may being about affordability simply because they will require that a policyholder make lower monthly premium payments, in most cases, but of course it does require that a policyholder pay a higher deductible if medical treatment is needed. Yet, this is where some entrepreneurs have been able to set aside money in a health savings account to use for small medical bills like a routine doctor’s visit or preventative care, but again there are some options that may cover certain aspects of treatment like preventative care or even prescriptions.

Yet, it’s more likely that a policyholder will have to look for an individual health insurance plan if they are to avoid costs related to prescriptions, routine medical costs, or other health insurance needs as many of these high-deductible plans will only offer coverage in case a major emergency work arise where a high amount of medical expenses were incurred. Again though, this will depend on the insurance agency as to what all these particular plans will offer, but for someone who is simply starting out and working to build their small business, these plans may be beneficial in that if a self-employed entrepreneur does not often visit the doctor or require medical treatment on a regular basis, they may be able to save on their health insurance costs and also have a plan in place that will help them if an accident or emergency work to arise.

Also, when these plans are paired with a health savings account, some of these self-employed individuals have found that they can meet smaller costs if a common illness were to arise that required treatment, but there may be some extra benefits that come with these high-deductible plans or even short-term health insurance options that many providers may advertise which could cover more than just the costs if a high amount of medical treatment were needed. Again though, some self-employed business owners may either need or be able to afford a more comprehensive insurance plan, so self-employed men and women who are looking for health insurance coverage will likely benefit from looking at all the options providers in their state have to offer, and of course, when health insurance exchanges are up and running in the states there may be even more opportunities for self-employed individuals in the health insurance arena.