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Group Health Insurance For The Self-Employed

One of the main things when you leave the corporate world and start your own business is to find affordable health insurance. Some of the insurance companies have health plans that are specifically made for the self employed individual. Initially, these plans draw the attention of sole proprietors who are for an affordable group health insurance. But when you take a closer look, these are very moderate plans and they will have limited health benefits and are very expensive. The main drawback with such health insurance plans is that they come with very high deductibles. So here are a few tips that will help you to get your best group health insurance rates. There are two ways of finding an affordable insurance plan.

This first option is to join a group. There is usually a group of people doing similar business. Many service companies or contractors’ group these businesses into associations. These associations purchase insurance policies for all of its members of the group. Local chamber of commerce does the same thing and offers reasonably priced insurance as a benefit of joining them. The larger the group, the associations will have more purchasing power with the insurance companies. In these associations usually there will be three or four health insurance plans from which the self employed individual can choose. The actual coverage levels are non-negotiable. Based on the family size rates will be set. If a self employed has five employees working, there are small group plans that are available at low costs. A group will be the least expensive option, but before joining such groups make sure that the existing plan meets your needs.

Many states now have rules for adopting group of one plan helping sole proprietors and self employed to enjoy the benefits of group health insurance plans. If your state does not offer such plans you can still hire an employee and qualify for the plan. Without financially contributing to his/her premiums you can offer the insurance rates to your employee. Another option is that you can simply add your family member or spouse on the payroll and paying them minimum wage. Now, you have two people working at your company and you will be eligible for group insurance plan. If your business is doing well you can hire a full time employee but before buying a group insurance find which policy is right for you and your employees. Nowadays, there are many inexpensive individual health policies that are available in the market from most insurance companies which offer a variety of coverage’s depending on the buyer’s budget.

To get your free group health insurance quote and to start saving your money, just enter your zip code above.