Insurance World

One of the greatest uncertainties in life is falling sick or being disabled with no money in your pocket, especially if you are self-employed. This uncertainty can be overcome by a health insurance which is a system in which the insurer, usually a private company or government owned company pays the medical expenses of the insured, if the insured falls sick or gets in an accident due to covered causes. In return the insured has to pay a monthly premium to the insurance company. Health insurance which provides insurance for the self-employed is known as self-employed health insurance.

Self-employed include farmers, contractors and small business owners, freelance writers, lawyers etc. There are some factors that separate self employed health insurance from ordinary health insurance.

Cost - Self-employed health insurance is costlier than health insurance provided through an employer (like a company). This is because in larger groups the cost of insurance gets distributed as compared to smaller groups. This is one of the reason people are reluctant to go for self employment. There are ways and means to reduce this cost which will be detailed subsequently.

Tax Benefit - Fortunately the self-employed health insurance premium is 100% tax deductible.

Reducing Costs - The best way to reduce insurance cost is to go for family cover in your spouse group insurance through his/her company (that is if your spouse is working). Another way is if you employ between 2 to 50 people, you can go for group insurance.

If you are leaving a corporate job you can opt for COBRA (Consolidated Omnibus Budget Reconciliation Act). COBRA is a law that makes it mandatory for your employer to provide the option of retaining membership in their health insurance plan. However you will have to pay the entire monthly premium part which was paid by your company earlier. However you may be surprised at the high cost of the premium which may run up to 500$ a month.

Temporary Health Insurance - If you are planning to remain self employed for a small period of time and plan to join another company later, you can opt for a temporary health insurance. This is the cheapest type of health insurance available today. However annually the premium keeps increasing as you grow older.

If you have none of the above ways to reduce insurance cost then the only way is to go for standard individual policy. As mentioned earlier they are usually costly but are very important for insuring the future.

Raise your hand if you have a computer with Internet access, or if you have access to a computer with Internet access. It’s probably safe to say that the majority, if not all, of you just raised your hands. That’s because computers and the Internet are necessities for many people due to work, and luxuries for others due to, well, Internet addiction.

Thanks to the Internet, we can do everything from pay our bills online to chat with friends who live on the other side of the country, and we do it all without leaving our homes or getting an outrageous phone bill in the mail.

However, there are other benefits to having the Internet that go beyond work-related issues and enjoyment. Having the Internet also allows access to a plethora of information that you may not have been privy to without the Internet. Some of that information includes about the various kinds of insurance.

Many of us rely on our local insurance agents to get the insurance coverage we need. We’ll purchase homeowner’s insurance, car insurance, and life insurance from those familiar faces. If we’re lucky, we’ll rely on our employers for health insurance. Yet, there’s a world of insurance out there that goes beyond your hometown, and the Internet can help you find it.

Whether you’re looking for auto insurance or dental insurance, there’s no doubt you’ll find an insurance company online that sells it. The even better news is that when you search for insurance using the Internet, you can also compare different insurance companies to get the best insurance coverage for you, your home, your car, and your family.

So, the next time you sit down in front of the family computer, take a few minutes from checking your email and do a quick search for insurance, even if you already have all of your insurance needs met. You may end up finding a better deal.