Millions of people wish they could take a break from the same humdrum of their daily lives by opting for something for which they themselves would be solely responsible. In the United States especially, this phenomenon is seen all too often with people with regular jobs choosing to opt out and thinking of opening up a business of their own. You, too, may be in the same league, but then one important factor seems to act as a deterrent, right? Health insurance through the employer is one aspect of a regular job that no employee would love to give upon. And the moment one chooses to end his stint with his current employer, one is plagued with the thought of losing group health coverage benefits. So what does one need to consider while initiating a business?
First comes available health insurance choices. Anyone setting up a new business would know how difficult it is to include health coverage in the agenda. The most convenient option would be to seek coverage under your spouse’s insurance policy. The situation is all the better if your spouse happens to be covered under a group policy through his or her employer. Second in line could be ‘group’ coverage of another kind. These days several companies, for the benefit of entrepreneurs, are coming up with group policies for one person. Gather information about dependable sources and find out about the best possible rates. If the two stated options are not possible, you could try out individual coverage. These plans do not pose a problem as long as you can prove you’re in the best of health. In case you have pre- existing conditions matters can get a little sticky and you may even be refused coverage.
Things improve if you have any of the above options in hand. But there’s something called affordability and you may feel burdened right at the start to spend on health coverage. So how do aim towards reduction of health costs with the available options? Zero in on a suitable and plan and decide whether you require all stated benefits. Most plans have lots of extras on them and it may prove intelligent on your part to do some cost cutting by giving up on ‘extras’ you do not require. For example, if you do not need to regularly spend on prescription drugs, there’s no point getting coverage in this area.
Cutting costs also involves paying higher deductibles. This is one thing that could save you a fortune. How you might ask. Well, higher deductibles inevitably lead to lower premiums which means overall costs decrease considerably. When it comes to premiums, annual payments are way better than monthly ones. That is because annual payments let you avoid unnecessary service fees and charges.
Shopping online is another side to getting self- employed health insurance at affordable rates. The equation here is not quite difficult to understand because the reason for reduced prices is the absence of agents and brokers in the way. Getting coverage with the help of middlemen makes it necessary for people to shell out more.