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Necessity?

The online health insurance website eHealthinsurance continues to be one of the best sources for self employed health insurances options in our opinion. 


Health Insurance Advice for Necessity Entrepreneurs

09/05/2011
 

Soon after the economic retraction started in December 2007,  an emerging trend was noted and a new phrase began to circulate.  Necessity Entrepreneur. A necessity entrepreneur is a person starting a business because other income opportunities are not available.

The rate of necessity entrepreneurship increased sharply in the United States during the first year of the recession. Necessity was a factor for 24.7% of new U.S. ventures in 2009, according to GEM surveys, up from 16.3% in 2007. For some of these entrepreneurs, getting laid off presented the opportunity to pursue business ideas they had long considered but didn't want to risk leaving a job for.  The trend reversed itself as the recession has grown more severe over the last 4 years.

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More than 1 million self-employed are no longer in business some 4 years after the downturn in late 2007.  A growing recession is not an economically advantageous business market as the self employed experience more and more constraints as clients disappear.

The near 4 year recession that started in December 2007 initially resulted in more self employed business start-ups. That self employed number grew to 16.3 million in July 2008 from 15.7 million at the end of 2007. The latest figures available from the Bureau of Labor statistics show that number has declined even farther to 12.9 million.

Those figures represent self-employed business owners who have thrown in the towel. Many now swell the ranks of the uncounted unemployed. Still others found safer job opportunities in Corporate America. New start-ups also declined sharply.  These loss of these necessity entrepreneurs also means increasingly fewer new jobs are being created.

Small businesses have traditionally employed about 50% of the private labor force.  It is very difficult for the jobless rate to improve when these small businesses are failing at such an alarming rate and they are such an integral part of the overall economic picture.

Another negative statistic the necessity entrepreneurs contribute to is the growing number of Americans who have no health insurance coverage in place. Health insurance is one of the first bills that goes unpaid as the struggling entrepreneurs fight to stay solvent.  Those with no health insurance are forced to seek health care at taxpayer's expense when they do become ill, further increasing the burden on the nation's struggling health care system and driving health insurance rates upward.

The self employed individuals and small business owners who do opt in to health insurance coverage typically prefer more affordable high deductible health insurance plans with no frills

 

 

If you find yourself newly self employed and requiring individual health insurance or if you are just looking to replace existing self employed health insurance, we would strongly recommend checking out the online offerings of eHealthInsurance.  They are the leader in online health insurance sales since 1997 and offer you the ability to compare benefits of different policies side by side to make your informed buying decision easier. In many cases, it takes about 10 minutes and most policy documents can be signed online using their eSign technology. They have licensed agents available should you have questions.  No insurance agents will call or solicit you directly!
 

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