Self Employed Health Insurance Coverage & Plans for Business Owners

While being self-employed comes with many benefits, obtaining health insurance coverage can be a challenge. You may think that private health insurance will be too limited or too costly. Fortunately, it is possible to find affordable health insurance coverage even if you are self-employed.

What are my self employed health insurance options in the early stages of self-employment?

If you are still deciding whether or not to leave your current job to become self-employed, you should be aware that you may be eligible for Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) insurance after you leave your job. COBRA essentially extends health insurance coverage that is offered by an employer for up to 18 months after a person loses or leaves a job. The only problem with COBRA is that it can be very costly. However, you will be able to maintain the same health insurance coverage that you had with your employer.

I have been self-employed for some time now. How can I obtain health insurance?

Everyone, including self-employed individuals can choose to purchase a private health insurance plan. There are self-employed plans available that cover a variety of needs. You can choose basic coverage that only pays in case of a medical emergency to save money, or you can choose a comprehensive medical plan that will cover your routine visits, prescriptions and preventative care in addition to expenses associated with medical emergencies.

I'm a self-employed individual with a pre-existing condition. Can I receive health insurance?

Pre-existing health insurance coverage is available to self-employed individuals. You will need to discuss your options with an insurance representative to figure out how you can obtain the coverage you need at a price you can afford while taking any pre-existing conditions into account. A health insurance broker can help you understand how you can make sure your condition is covered.

As a self-employed individual, how can I control the costs of health insurance?

While you may not be able to control the cost of your health insurance premium, you can choose the most cost-effective option. Choose only the coverage you need and discuss your needs with an insurance representative.

If you pay for health insurance as a self-employed individual, you can deduct the cost of your health insurance premium from your taxable income. Note that this is a deduction to your personal income rather than a business expense.