If you work for yourself, you have a natural interest in health insurance for the self-employed. Covering your medical expenses through insurance is a big concern for anyone, but especially for the self-employed, who don’t qualify for a policy through an employer. Medical expenses are at an all-time high, and continue to get higher. Without an insurance policy, you can easily go broke trying to pay for just a few doctor’s bills, let alone a hospital visit!
However, health insurance for the self-employed is expensive. Even if you work for someone else, you can still expect to pay a few hundred dollars or more each month in premiums. If you work for yourself, you can easily expect to pay $1,000 a month or more in premiums if you’re covering an entire family. This could end up being more than your house payment!
The traditional, well-known insurance carriers like Blue Cross, Aetna, and Cigna are the most expensive, because you’re paying for the feeling of security that comes with using a well-known name. These policies may cover more expenses and have lower deductibles and co-pays than lesser-known policies. That makes them attractive, but often out of reach financially to many people. The lesser-known policies will generally have high deductibles and may have a limited range of services covered. You may also have difficulty finding a doctor that accepts the policy. However, your monthly premiums will be a lot lower than with traditional companies.
In the end, you have to please yourself when it comes to health insurance for the self-employed. Get the policy you’re the most comfortable with financially and personally. Also remember that there are discounts and bargains to be found if you shop around. Don’t go with the first company you find, because a better deal may be just around the corner. The most important thing is to have SOME kind of policy, however, because the first time you try to pay for a doctor’s visit or prescription without coverage, you’ll be kicking yourself and wondering how you can buy groceries and pay for medical expenses at the same time.