Mistakes Not To Make When Purchasing Self Employed Medical Insurance Coverage

It can be costly to limit your search for your self-employed health insurance policy.  Believing that you will get the best price through your spouse or domestic partner's employing company or by forming a small group can cost you hundreds each month and thousands each year.

Purchasing the wrong form of health insurance plan is a widespread error that new business owners make far too frequently.  The entrepreneur could have several choices with it comes to health insurance.  Looking at all options is the key to getting the best deal.

It many be the case that getting your coverage through your spouse's company-sponsored medical plan is the best deal and sometimes it isn't.  The coverage may be available without any medical questions.  It could also be cheaper.  However the premium will depend on whether or not the company subsidizes the premiums.

Often that your wife or husband's employing company will pay a percentage of their employee's part of the premium, but will not do so for their dependents.  Don't presume that since your spouse's cost for health care insurance is affordable yours will be too.  This can mean that you pay more than you should.

Purchasing your health care insurance coverage this way may mean that you have a problem in the future.  An employing company can change the health care insurance coverage options offered to its employees or could drop the insurance.  A spouse or domestic partner can change employers, die or divorce.  All of the above can make a difference in the length of time you get to be covered by your domestic partner or spouse's health insurance.

Obtaining health care insurance as part of a small group that you form is another alternative.  Even very small companies can do this.  You might be able to purchase group insurance with as few as one employee even if the only employee is yourself.  In all states having two employees makes you eligible for a group insurance policy.

The advantage of group insurance is being able to medically qualify even if you have a preexisting medical condition.  This is a double edged sword.  Insurance companies have more claims on these types of policies per policyholder because of this.  This means that these policies cost more.  Therefore these policies tend to be more expensive some other options.

Obtaining private medical insurance as an individual or family can work very well for the small business owner who works alone.  Individual health insurance policies are often very affordably priced when compared to the other options.  Often these policies are not even considered, because people assume that group health insurance policies are automatically priced better than individual or family policies.

These policies can be kept until you are eligible for Medicare. Although you can lose your insurance if you fail to pay your premiums on time, if you move out of the servicing area for your policy or if the health care insurer stops selling policies in your state, chances are you can keep your coverage for as long as you need it.

Each of the above options has both  positives and negatives.  It is important that you are aware of your options and don't constrain yourself when shopping around for self-employed health care insurance.  This is the best way to be certain that you are getting the best deal for yourself or your family.