Self Employed And Health Insurance

Self Employed And Health Insurance

Are planning to join thousands of other people who have started their own business and become self employed? If you are, then it is time to think about self employed health insurance.

For many people being self employed is an important career move and many people end up taking this option in mid-life or when they reach retirement.

If you are thinking of being self employed, then it is time to look at the various self employed health insurance that are available to you in the United States. According to the Employee Benefit Research Institute, around 13.4 million Americans under the age of 65 are self employed and have health insurance. The details are as follows:

  • 3.5 million people are getting health insurance through their own business
  • 3.3 million people are covered by their spouse’s insurance
  • 2.6 million people have individual health insurance
  • 0.7 million people are insured as part of a public program

However, it is sad to know that nearly 3.5 million who are self employed do not have any form of health insurance.

For self employed health insurance, the best option available is the Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986. COBRA gives you health insurance for 18 months so that you get start looking for an insurance company that will be suitable for your health needs and requirements. COBRA allows you to pay health insurance premium at lower rates. However, once you leave COBRA, you should be prepared to pay the full cost of the coverage and this can work out to higher than what it was while you were an employee.

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Self Employed And Health Insurance