Self employed insurance needs.

Re: Self employed insurance needs.

We use a Health Savings Account which is tax free the biggest thing we do though to save money is to have a very high deductible - about $5500 so in any given year if we have to go to the doctors we pay for it out of our own money if we have a catastrophic event we pay for the first $5500 and after that the insurance company pays for it.

Re: Self employed insurance needs.

One of the ways you can save substantially is joining an association in your field the lump all of the members together for a big discount - of course now you have membership dues to pay but it is usually lower than the cost of getting insurance without joining

Re: Self employed insurance needs.

According to the Department of Labor website, you, your spouse, and your son may continue health insurance coverage based on your “voluntary or involuntary termination of employment for reasons other than gross misconduct.” COBRA is expensive because you’ll have to pay both sides of the insurance premium (your employer probably used to pay the majority of the costs), and you may only be eligible for up to 18 months, so it is not a long-term solution.

Re: Self employed insurance needs.

This is good news for those who are self employed since New York State has little access to health insurance for sole proprietors. Though what the insurance companies allow is for business associations to sell sole proprietor plans provided that it is the responsibility of the business associations to manage all the administrative aspects that comes along with the health plans like enrollments, terminations, billing and collections. Because of this, the large health insurance brokerages were notable to address the insurance needs of those who are self employed in the New York State.
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Re: Self employed insurance needs.

Though what the insurance companies allow is for business associations to sell sole proprietor plans provided that it is the responsibility of the business associations to manage all the administrative aspects that comes along with the health plans like enrollments, terminations, billing and collections

Re: Self employed insurance needs.

Hi Everyone,,
good to see you all.

prosNo obligation quotes for health insurance for the self employed. The lowest available prices on self employed medical insurance. Quickly compare self employment health insurance providers and securely apply online.

consNo downside. Just a great online location to quickly compare the best self employed health insurance plans from multiple providers.

Thanks.

Re: Self employed insurance needs.

I talked about the importance of web workers advocating for ourselves, and why it is necessary. One of the topics for advocacy that is on everyone’s mind right now (at least in the U.S.) is healthcare, or more particularly health insurance. This topic is of special interest to the segment of web workers who are self-employed or work freelance.

What exactly is the current state of health insurance for the freelance worker in the United States? There are two key issues to consider: access and affordability.

If you are young and healthy by insurance company standards, you can try to buy an individual or family insurance policy. These policies are purchased as individual contracts from an insurance company, as compared to becoming a group member of an insurance pool that is contracted by an employer or other entity. Anne previously provided some tips about shopping for these policies.

There are a few ways that freelancers can get into health insurance buying groups to get lower rates. Some trade groups, local chambers of commerce, and advocacy groups such as the National Association for the Self-Employed offer discounts on purchasing insurance policies as a member benefit. These programs come with the restriction that people wanting to sign up must meet the health standards of the health insurance company to be eligible for the insurance. One notable exception is a program run by the Freelancer’s Union, which is only offered in the state of New York, and which accepts everyone who meet the group’s membership standards.

If you are self-employed because you own a small business, you may be able to get group rates (and tax benefits) by forming your own small group. You’ll need two or more people who are employees of the business to form a group in most states.

To purchase an individual health insurance policy, applicants have to go through a process called medical underwriting. The insurance company uses this screening process to evaluate the financial risk that you (and anyone else that will be on your policy) pose to them. After filling out your application and health history, the insurance company decides if it can insure you at all, and, if so, what rates it can offer you based on your financial risk.

Stethoscope_web

Re: Self employed insurance needs.

The easiest way to ensure that you continue to have good health insurance after you leave your corporate job is to keep the same coverage by invoking your rights under health provisions in the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986.

Under COBRA, you can leave your job and keep your current coverage for up to 18 months at group rates, so long as the company you’re leaving employs 20 or more people and you weren’t fired for gross negligence or incompetence. For more information about COBRA coverage, check with the U.S. Department of Labor.

Even so, expect the price tag to be a shock. Once you’re self-employed you’ll have to pay the full cost of the coverage, which is likely to be much higher than the amount you were paying as an employee. According to the Kaiser Family Foundation, workers typically pay only 28 percent of their insurance costs.

Lighten Your Load Before You Leap
If you have the luxury of planning ahead and leaving your job on your own timetable, consider signing up for the least expensive health insurance plan your company offers during the open enrollment period closest to your departure date. That way, you will have a lower cost self-employed health insurance premium to cover under COBRA.

Don’t Let Time Slip By
Under the law, you are guaranteed access to health insurance as long as you find a new policy within 63 days after you reach the end of your COBRA benefits. If you fail to arrange for new coverage within that timeframe, your health insurance application could be rejected or the new policy could exclude a pre-existing condition for up to a year.

Marry Well
There is an old adage that says the best way for a self-employed person to ensure his or her success is to have a working spouse. The same holds true here. If you’re married, there is a good chance that joining your spouse’s plan will cost less than most other options, including COBRA.

Do Your Homework
If you decide you need your own self-employed health insurance policy, check out ehealthinsurance.com, which comes highly recommended by the likes of Money magazine, Kiplinger, the National Federation of Independent Business and financial guru Suze Orman.

This online resource lets you compare dozens of health insurance plans that are available in your area with just a few keystrokes, and even provides information about the insurance companies’ financial health.

Learn the rules that apply to your situation and follow them. This is especially important if you or someone in your family have chronic health problems or a pre-existing condition.

Find a Reputable Health Insurance Agent
If you prefer to deal directly with an agent for your self-employed health insurance, do your homework. Interview a few different agents, and compare the price and coverage of the self-employed health insurance plans they offer.

Before you sign anything or make any payments, check with your state insurance commissioner’s office to find out if any complaints have been filed against the agents or the insurers they represent.

If you need help finding a reputable agent, check with the National Association of Health Underwriters.

Re: Self employed insurance needs.

In my opinion you can continue health insurance plan after leaving your job. For self employed persons it is easy to manage health insurance plans as they can afford huge amounts of premium.

Re: Self employed insurance needs.

Ive seen it looks very expensive to handle it on your own. Am i missing something?