Before going it alone,
you should always try to join a class or group. If you canít join a
class, then you get individual health insurance
Many people can get health insurance
through a trade union associated with their job skills, a
professional organization made up individuals in the same profession
or self employed groups. Please do your due diligence
when investigating the benefits of joining one of these groups.
Many of them have been the subject of class action lawsuits (read
scams) over the past few years. Google is your friend when it
comes to scam investigations.
If an association health insurance
plan is not an
option then your first consideration when you are faced with
obtaining an individual health insurance
policy is "Am I insurable?"
It varies state to state but many pre-existing health conditions
will preclude you from obtaining an individual health insurance
policy. If that is the case, many states operate a health insurance
risk pool for the uninsurable.
An individual health insurance
policy is a balance
between price and acceptable risk. Those who have been self
employed for a number of years find they can do without all the
bells and whistles on a full featured health insurance
plan in order to reduce the
premium to an acceptable level.
Many self employed individuals and small business
owners find a health savings account (HSA) to be their best option.
An HSA combines a high deductible health insurance
plan with a savings account
that is funded with pre tax dollars.
Find an HSA plan that's right for you.
HSAs typically have no doctor visit co-payment,
prescription card or optical benefits. Deductibles will range
from $3500 to $10000 but in most cases the deductibles constitute
your maximum financial liability. Many HSAs pay 100% of
incurred medical expenses once the health insurance
Since the name of the game in insurance is risk,
you pay less if you assume more risk. So if you raise the deductible
and raise the coinsurance, your monthly health insurance
premiums will go down. If
you lower either, your health insurance
premiums will go up.
A common strategy for self-employed
individuals is to buy higher deductible health insurance
. The idea is
to protect against the catastrophe, not the everyday bumps and
bruises. If you have a $5,000 or a $10,000 high deductible
plan, youíre doing just that. People usually
save the difference in their emergency fund as a form of
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!