Health Insurance for the Self-Employed

What’s the most important factor that many self-employed professionals overlook?

The answer is: your health. As a sole proprietor, you are your company. Any long-term illness you encounter not only endangers your well being, but if you or anyone in your family has a medical emergency while uninsured, your business’s entire financial stability may suffer. Unanticipated medical expenses are now one of the leading causes of debt in the United States, and it’s easy to see why. The Institute of Health reports that the average cost of a single ER visit in 2006 was $3,300 -- just short of how much the average American family spent on housing, groceries, and all other expenses combined for an entire month.

Protect yourself and your business request a free health quote today!

Self Employed Face Fiscal and Medical Challenges

It’s a fact that sole proprietors have much more to lose than most adults when they accrue debt. Dents in credit history can directly affect small business loan eligibility and impact long-term growth potential significantly. Business owners who have already taken out loans for their company have an even greater liability. Without insurance, the cost of urgent care could impair your ability to pay loans back. A study by the Henry J. Kaiser Foundation reports that one in three uninsured families -- translating to roughly 20 million adults and their children -- had difficulty paying for their health care in 2003, and that many of the outstanding bills were turned over to collections agencies by the hospitals.

Bankruptcy is a common option for individuals with large medical debts as a temporary relief while they work to pay them off. A study by the University of North Carolina reported that more than 500,000 middle class families filed for bankruptcy after suffering an injury or illness in 1999 alone. As a sole proprietor, if you file Chapter 7 or Chapter 11, your business also goes bankrupt. Reestablishing credit history can often mean having to liquidate both personal and business assets, leaving many sole proprietors in a difficult situation as they find themselves not only bankrupt, but unemployed too.

Preventive Care and a Good Health Plan

Ensuring your family’s health through preventative care is a great way to avoid catastrophic medical problems, and yet uninsured adults are four times more likely to postpone seeing a doctor for non-emergencies than people with comprehensive insurance plans. Having insurance would be in the best interests of a sole proprietor.

However, in addition to the undeniable health benefits of medical insurance, a good policy that covers preventative and catastrophic care is a smart investment. Concerns over health significantly affect emotional well being, and can ultimately affect you professionally. A quality health insurance plan safeguards the long-term success of your company, by reducing the liability of your personal and business assets if you or one of your family members should ever end up in the hospital.

To speak with an agent about what plans are available in your area and get an individualized assessment of which options best fit your budget and needs, request a free quote today. Your health is an important factor in the health of your company -- why not insure both?

Are you self-employed? Request a health insurance quote today!

Top