Medical Insurance Options for the Self-Employed

Being self-employed has so many great benefits.  You don't have to answer to anyone, you can be as flexible as you like with your hours and income, and the only one responsible for your company's performance is you.  However, all these great benefits come with some drawbacks.  One of the biggest challenges is finding affordable health insurance as a self-employed person.  This single issue can cause freelancers and owner/operators much worry and hardship.

Going without insurance is hardly an option when you consider the costs you could end up facing if a catastrophic illness strikes, or if you must be hospitalized for a serious injury.  Instead, it's best to look into the options for purchasing coverage for yourself, and potentially, your employees, so that you are well-protected.

You may want to consider purchasing a policy through your local chamber of commerce, trade organization, or other membership group like the AARP.  While these options are not available to everyone or in all states, they are the first things you should look into in order to save money on health care. 

Freelancer's unions are also a possibility for some who are seeking coverage.  They do not apply to all trades, unfortunately, but they are useful for people working in a number of industries or occupations.  Thirty states support the Freelancer's Union, so make sure to find out if you are lucky enough to find an affordable policy through them. 

Another option, if you are a small business owner, is to look into discounted group coverage for yourself (and your family) and also for your employers and their families.  We are happy to help you get a quote for cheap HMO and discount PPO policies that are both comprehensive and affordable.  Group plans are typically easier to afford, although not all states allow you to form groups for the purpose of buying medical coverage.

Self-employed people can also get discounts the same as other individuals.  Lower rates are available if you take on a higher deductible, and of course, also if you are in good health.  Or you may want to consider carrying only catastrophic health insurance if you are well and can afford to pay for your regular check-ups and basic lab work as needed. 

Shop around and you may be surprised to discover that low cost health insurance is still an option for you, as a self-employed person.  Compare rates, seek out the best deals, and in the meantime, stay well.  Living a healthy lifestyle, not smoking, and avoiding medical problems by eating well and exercising regularly is the easiest way for you to control how much you have to pay for health insurance.