subject: How Much is the Ideal Amount for Self-Employed Health Care Coverage? [print this page] How Much is the Ideal Amount for Self-Employed Health Care Coverage?
When you are self-employed, the cost of health insurance is totally on your shoulders. How much health insurance should you have? It would depend upon you and your family's needs. In this regard, sole-proprietors and their families are often uninsured or has inadequate coverage. Having a health insurance is necessary especially for business owners because having no coverage will incur a lot of extra costs. If you can't pay for your medical bills, you will lose your credibility as a businessman.
But don't just jump into any plan that comes your way without thinking about your present medical condition. If you're applying for a plan for you and your family, you need to include your family's medical needs as well. Are you an independent contractor or do you hire people in order to run your business? Are you thinking of providing group coverage for your employees? You can choose to buy an individual plan, a family plan or a group plan depending on your needs.
Because of the recession, Americans are beginning to feel insecure about their spending power. Most people are trying to cut their expenses. People start to deliberate whether there is a need for them to drive their cars or if they could just manage to go without it to save on fuel. You can skimp on everything but don't skimp on your health insurance.
If you are a sole-proprietor with 20 - 50 employees, you can provide them with group health care. A lot of business-owners are no longer providing health insurance for their employees so a lot of them are left without health insurance. Employers are not required to provide health care benefits to their employees so a lot of employers don't offer this. Employers who provide health care benefits to their employees are entitled to tax deductions.
More than 25 million Americans do not have adequate health insurance.
How does the small business owner know when they don't have enough medical coverage for the self-employed?
If you don't have enough coverage, your incurred costs will mostly be shouldered by you. The underinsured often have less coverage, and more health care expenses-their monthly premiums not withstanding.
Having said all this, you as a sole-proprietor should equip yourself with enough health insurance that can protect your finances.Evaluate your medical needs and start looking around for health care on the internet. Your next step would be to gather quotes from other insurers and compare them. Then you get in touch with a local health care agent top guide you further.
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