Do You Know These Health Insurance Options for Self-Employed?

by Anil Kumar ~ February 5th 2018

At times, getting appropriate health insurance policies can be a frustrating experience for a self-employed. Insurance companies look at them with a sense of insecurity at hesitate while offering an insurance policy to them. Fortunately, there are some insurance providers that offer some insurance policies to them. Let us understand what are challenges they face while going an insurance plan, how much does they cost and how can they get it easily.

Insurance Challenges for a self-employed person

Usually self-employed people earn a varying income every income and they find it a bit difficult to get a health insurance plan for them as insurance companies are little unsure about their income consistency. The major concern about that is that as soon as you quit your current job, you are no longer eligible to get the benefits of your employer-sponsored insurance plan. Suppose you have paid your insurance premiums for 11 continuous months and you fall ill in the 12th month just after quitting your job, the insurance provider won’t pay for your medical bills and you only would have to take care of the same. At a time, when you don’t have a consistent source of income, it can be a frustrating experience to pay for your medical and surgical expenses yourself. Another thing is to keep in mind is that if you are the sole breadwinner of the family and were dependent on the employer sponsored health insurance plan, things may go worse.

Once you have setup your business to become a self-employed, you don’t start getting clients or customers instantly and sometimes it takes more than a few months to bring the things on track. If something in the family falls ill during that period or unfortunately meets an accident; they may not be able to bear this additional expense of medical bills. To add their misery, the insurance providers hesitate to offer an insurance plan to someone with variable monthly income.

Health insurance for self-employed with small business

When you are running a small business, it becomes crucial to keep your employees happy and retain them for long. Not it helps to serve the customers timely but also it helps to serve them a more suitable way. Providing a health insurance plan for their family can make them realize that you care for them as well. There are insurance providers that help the small business with their health insurance plan for the employer as well as employees. These policies cover the dependents of the employee such as spouse, children and even the older parents and provide protection at an affordable premium.

How much does a health insurance plan cost?

Health insurance plans are provided at different prices to cater different requirements of customers. There always be some customers who will be fit naturally and will need little prone to diseases and hence would require less health insurance coverage than someone who is diagnosed with a serious disease and regularly visits to the hospital. Considering their variety of coverage provided, the prices also may vary widely.

Going for a plan-wise analysis, a catastrophic plan comes very limited coverage for the policy holder, but is available at a very affordable cost of $150 per month. A bronze plan covers around 60 percent of your total medical and surgical expenses at a cheap monthly premium of $310. Under a silver plan, the insured can get health insurance deals for 70 percent of their treatment expenses at a monthly premium of $360. While a gold plan goes a few steps ahead and bears the 80 percent cost of total medical expenses for $420 each month. But, a platinum is the most comprehensive plan which provides a cover for 90 percent of total pre- and post-hospitalization expenses at $490 per month.

Also, there are plans that decide the premium amount depending on the age of the policyholder providing a cheaper policy to a younger customer. People under 18 can get a cover for $150 while customers from 18-24 age group may need to pay around $175. For 25-34 age group, the coverage is provided $240 per month while customers from 35-44 age group, health insurance coverage is available at $300. If you are willing to buy a life insurance for someone aging between 45-54, you can get it for a monthly premium of $400. While people in 55-64 can get the same at $580 per month.

How to find a suitable insurance plan?

Rather than the official website of a specific insurance provider, it’s a better idea to visit an insurance portal to receive cheap health insurance quotes. The reason behind this is the option to receive insurance quotes from multiple providers and compare them at once. Just by filling a request form on the portal, you can start receiving top insurance quotes from multiple insurance companies. You can easily get in to touch with their experts and talk about your concerns regarding the insurance policy and get help deciding the most suitable insurance plan as per your requirements.

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