Self-employed individuals do have a difficult time trying to attain an affordable self-employed health insurance policy when they are ready to begin a business of their own. In the beginning, this is very difficult because funds are scarce for any extras and luxuries. Depending on the type of self-employed business will determine how long it will take for you to be operating a successful business. There are a few creative insurance plans for the self-employed to research.1. COBRA, if you were recently employed by an employer2. Group insurance through participation in a sport or through the local Chamber of Commerce3. Long-term catastrophic insurance plans
4. Health savings account5. Individual health insurance plan as a last resortA COBRA insurance plan is only viable when you have been employed. You are no longer employed and now your COBRA insurance plan will pick up the temporary insurance slack for a short specified period of time. What this type of temporary insurance will do is to offer you time to research what you will require in the future.Group insurance is another means of purchasing self-employed insurance and may be a viable source for some self-employed entrepreneurs. In this capacity, the self-employed individual can attain a viable low cost health insurance policy at a more affordable rate. The self-employed individuals will also receive a multiple of health coverage that is similar to and individual insurance policy only not as expensive. Catastrophic insurance is another source of self-employed insurance.It will not afford the self-employed individual the level of health coverage as a traditional insurance policy. The self-employed individual will have to pay more for all out of pocket expenses, medical health care physician visits, and for medical prescription medications.A catastrophic insurance policy will afford the self-employed individual with full access to major hospitalization. This will help the self-employed because the larger expense is usually with issues that involve hospitalization. This can be for specific health treatments on a regular basis or major surgery and rehabilitative recovery time.
The health savings account is another way to access self-employed health insurance and the individual will have more control over how the money deposited into the account is accessed and utilized for future health related events. This is a viable source for the immediate, but over the next few years the health savings account is going to be phased out through the new health reform bill.