The Reader’s Question

Where can I find the best options of health insurance for the self-employed that will fit my budget? Kindly give me some tips.

Chiqui Maxwell

Thank you for this question.

People who are self-employed tend to have a bigger and wider scope in terms of income, age and trade. Thereby, there are different ranges of approaches to health insurance for those who have the out-of-the-box thinking and those risk takers as well. You may need to assess the present situation on hand and the future of your business before you would likely choose a health plan. Here are some common circumstances:

* If you are self employed, but you see your future will be changing soon like maybe you will be getting more people as your employees or maybe you anticipate to be working in a bigger organization yourself, a good option for this kind of set up is a temporary policy. These plans are affordable within your budget, and no commitment whatsoever may be done. Remember never use this kind of plan to replace permanent coverage health plan.

* Let us say you are the only one running the show—a one-man or one-woman show. In addition you do not anticipate your number of employees to increase within the near future. The standard individual policy is best suited for this kind of situation. First you have to decide between the indemnity options or the care plan which is managed.

* The next situation for a health insurance is a little bit complicated wherein the self-employed in addition to a few employees, say between 2 and 60 people, would be fitted for a group health insurance plan. And remember the group will greatly benefit from this kind of plan.

* There is also the health insurance for the self-employed who falls, for instance, under the category of a business run by you and your spouse. These kind of special circumstances have to be assessed on a case by case basis.

Question of a Reader:

What are the benefits of giving group health insurance to the employees of a small company?

Bert Mitchell

Thank you for this question.

Many business owners try very hard to give health insurance to their employees even if their business is still small. Looking for a group coverage that is vital and even has a reasonable price may be challenging for them. But there are ways that need to be undertaken to develop the outcome satisfactorily for all the employees and the small business owners.

There is no secret at all that company employees greatly put importance in the benefits derived from health insurance. Various surveys show that workers appreciate the health insurance coverage next to money earnings. If the business owners offer benefits of small group health insurance to its employees, it is much easier to get and maintain the best employees for the company business.

As the owner of a small business group, you may not have for yourself health insurance coverage. Maybe you already got health insurance plan for your family and yourself, but you may get superior rates than if you get coverage individually. In addition, there are many different incentives that are available for your company business employees and even to you if you join in a health insurance plan for a group. For instance, in general businesses may automatically deduct the full premium amount that they pay on the group health plan qualified for it. And by presenting the group health insurance as a component of the total earning package, tax for the payroll may reduce tremendously. Further, your workers may pay their part of the insurance premium with pre-tax dollars. Just ensure that you, as the business owner take into consideration the offered incentives whenever the amount of the health insurance plan is being determined for your staff and yourself.