Health Insurance for Entrepreneurs

Health insurance is a major issue for most people who strike out on their own because the premiums are on the whole non-performing costs if the insured stays healthy. While this may seem short-sighted, when the entrepreneur is counting pennies it is tempting to discount the importance of health insurance. However, with a little research and much comparison, it is possible to get health insurance for entrepreneurs that won't cut into the bottom line too much.

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Some Options to Consider

• COBRA - the Federal Consolidated Omnibus Budget Reconciliation Act (COBRA), employers with 20 or more employees are required to accommodate former employees who want to continue their health insurance under the employer's group plan up to 18 months after separation. This is to give the employee-turned-entrepreneur breathing space while looking around for a viable alternative.

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• HMO - the notorious health maintenance organization (HMO) has gained an unseemly reputation, but in theory it is an effective, simple and cost-effective health plan that suits most people of independent means provided they limit themselves to an accredited physician
• POS - A cousin of the HMO is the point of service medical plan, which allows the insured to consult non-accredited physicians provided they are prepared to pay out-of-pocket expenses.
• PPO - The PPO or preferred provider organization allows the insured to go outside the insurance network for medical care but with out-of-pocket costs. In case of a serious accident, however, the PPO pays for medical costs even when medical care is provided by non-accredited physicians or facilities.
• Traditional – This type provides complete control of choice to the insured, and if carefully studied, this last option can provide full coverage at competitive prices that can outperform other types of health insurance.

All these options are good depending on the personal circumstances of the entrepreneur. Considerations such as existing medical conditions, family medical history, marital status and number of dependents all combine to paint shifting criteria of needs for each individual. Before deciding on the type of health insurance, a checklist should be made of what needs should be prioritized.

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