Self Employed Health Insurance, Self Employed Medical Insurance, Health Insurance

Self employed health insurance is meant for those who are not covered under a group health plan. In the US, self employed medical insurance is available under the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986. Under this scheme, an individual can continue to avail group health insurance benefits even after the termination of a job for a period of 18 months. Paying for group health insurance under the scheme is expensive.

However, there are several personal health insurance policies for self employed people. If a person enjoys a good medical history, shopping for a health insurance plan is an extremely simple process. Of course, one would still need to fulfill some of the legal requirements to buy an insurance policy. One also has to ensure that the policy chosen is the most cost-effective one available. Purchase a policy that covers the maximum medical expenses at reasonable rates. One should also check whether the policy covers pre-existing conditions or diseases that an individual suffers prior to buying a policy.

In a group health insurance plan offered by the employer, an individual cannot choose the cover. With a self employed health insurance plan, one has the flexibility to select the type of insurance based on the coverage. In such a plan, an individual can select the deductibles and co-payments to meet individual needs.

Most nations offer 100 percent tax deductions on the annual premium paid under a self employed health insurance plan. It is, therefore, a good idea to itemize tax returns and earn savings.

Tips for Self Employed Health Insurance

If you are leaving a job to start your own business, try to continue with the group plan benefits for the specified period. Enlisting the services of a reputed health insurance agent is of great help in deciding which self employed health insurance is best for your individual needs. Another alternative is to look for online quotes from several insurance companies and choose from among them. If a person has an understanding of the insurance sector intricacies, s/he can buy a good self employed health insurance policy online.

The insurance market is flooded with companies that can offer the best deals at reasonable prices. However, an individual has to decide what s/he wants to cover and how much he can afford to pay before buying a policy.