3 Health Insurance Options for Self-Employment

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Jonathan Nolan
JPN Insurance

Over the last decade, the number of self-employed individuals has increased to unprecedented numbers. New opportunities are everywhere as the economy has continued to evolve and adapt to changing consumer tastes, new product and service demands, new technologies, and global influences. These economic shifts have empowered entrepreneurial minded people to leave their 9-to-5 jobs and start their own small businesses.

Of course, there are always challenges when pursuing self-employment. One of them is the need to find quality health insurance for you and your family. Health care costs continue to rise, and unanticipated medical costs are one of the primary reasons that small businesses owners fail. Health insurance is essential not only to protect your business, but also to protect you and your family’s financial well-being when medical needs arise. There are several options to consider when it comes to health insurance:

  1. Individual Health Insurance Plans: A good broker can help you explore your options in the health marketplace. They can help you to design a health plan that fits your budget, ensuring deductibles and co-pays will meet you and your family’s needs while providing good coverage.
  2. Health Savings Accounts with High Deductible Plans: A good number of self-employed people have chosen to set up standard medical plans with a high deductible, and to pair it with a health savings account (HSA). HSAs are a special savings account to be used for you and your family’s medical costs.  Contributions to your HSA are tax deductible. The funds are tax-free when paying for qualified medical costs.
  3. Health Insurance Cooperatives: Many people who are self-employed will join a cooperative that provides a type of group health coverage. These cooperatives can be very advantageous. They often provide their own plan, complete with negotiated rates. Otherwise, they will help members to identify individual plans that are affordable and provide good coverage.

If you’re self-employed and looking for health care insurance, our team can help. Here at JPN Insurance Services, we take the time to understand our customer’s needs and provide recommendations. Call us anytime during business hours at (951) 443-9925.