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The Best Self-employed Health Insurance Plans

Being self-employed has its advantages. For example, you don't have to answer to a boss, you set your own hours and run your business as you see fit. However, when you make the leap from employee to self-employed, you lose some benefits, which requires an adjustment. When you no longer have access to health insurance sponsored by your company, you need to find a plan on your own that's right for you and your family.

  1. Private Plan

    • Shop for a private health plan that you can purchase for your entire family, if you don't have employees or you don't offer them benefits. These plans can be pricey, so consider a high-deductible and out-of-pocket expense maximum. Also, make sure that doctor visits, prescriptions and laboratory services are covered. If you may need maternity coverage in the future, look only at plans that offer it. Ask an insurance broker for the best and least expensive policies available. Choose the broker who works with the most companies, so that you receive information on a wide range of plans.

    Membership Associations

    • When you start out on your own, one way to attain credibility is to join a membership association for people with your specialty. Annual dues may have to be paid, but being involved in a membership association is a good way to get exposure. These trade associations also may partner with healthcare insurance companies that offer discounted premiums for members. You will be given a representative's name as a contact person. Call and ask about family coverage and premium amounts.

    Consumer-Driven Health Plans

    • If you would like flexibility and choices when determining your healthcare coverage and providers, a consumer-driven health plan, or CDHP, may be right for you. Most offer high-deductibles and saving plans for out-of-pocket expenses. You can take advantage of technology, such as the Internet, to find the cost for various services. CDHP policies offer rewards when you choose services or treatments that are economical and fit with your philosophy of what healthcare should entail.

    Healthcare Sharing Co-op

    • A different kind of plan that employee's may join is not health insurance at all. Nationwide, members in a health co-op pay each other's medical bills when there is a need. Christian in philosophy, administrators inform members where to send their payments. Rules among co-ops vary, but qualifying medical bills are sent to the co-op office for approval before members are directed to pay them. Relative to the benefits offered by health insurance companies, the cost to be in a healthcare sharing co-op is low.

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