As an employer, getting health insurance is pretty certain since your employer is expected to provide one for you. However, things become a lot different when you decide to quit your job and become your own boss.
As a self-employed individual, the responsibility to purchase your own health insurance falls on you. However, health insurance coverages might vary according to the length of time you plan on being self-employed. That’s why you have to decide if your decision to become your own boss is short-term or long-term. This article gives you information about getting health insurance if you are self-employed.
Short Term Coverages
COBRA Health Insurance:
You might find that looking for a new health insurance or insurance company in totality takes too much of your time. Or you may realize that you are perfectly comfortable and happy with the health insurance premium you were getting at your former job. A way to ensure that you continue using this insurance plan is with COBRA health insurance, which temporarily keeps your previous insurance premium. However, you will pay more for it each month since your previous employer will no longer cover part of the premium. Note that you have to qualify for this type of health insurance before you can purchase it.Short-Term Health Insurance:
For short-term self-employment, this insurance plan helps you get health insurance for up to three months and with low monthly premiums. However, the downside to this health insurance is that you might have to cover some pre-existing conditions out of your own pocket, as short-term health insurance doesn’t have protection for that. By asking your insurer for adequate information on that aspect, you are sure to be prepared for any extra expenses.Industry-Specific Health Insurance:
These kinds of health insurance are ones that are specific to your current job or position, and they might come at a discounted price too. To avoid paying more for less compared to other health insurance premiums, it is important to take a long, good look at their offers.
Long-Term Coverage
Health Insurance Marketplace:
If you plan to stay self-employed for a long time, you can take the first step of action of getting an adequate health insurance premium by going to the government’s Health Insurance Marketplace. Here, you can find out if you qualify for certain plans and the benefits included.Private Health Insurance:
Sure enough, there are insurance companies who have the best interest of self-employed individuals at heart and who are ready to offer them the most beneficial health insurance coverage customized for their situation.Health Care Sharing Ministries:
Another option is the health care sharing ministry which normally consists of a group of people coming together to donate for funds that will be used to cover certain health costs amongst themselves. However, the decisions on what costs to cover solely depend on them as a whole, and they are not required to cover pre-existing conditions.
Starting a new business or enterprise as your own boss, whether short-term or long-term, can be tricky. However, having the right health insurance premium can help make things better. That’s why choosing one of the above mentioned is taking the right step in the right direction. Contact our team of experienced health insurance experts at ISU Wissink Insurance in Culver City, California, for all of your health insurance needs to keep you safe while on the road.