Contractors, freelancers and sole proprietors – are eligible for two primary categories of insurance.
Although being your own boss has many benefits, one of the necessary evils is that of securing your own health insurance. But never fear – there are options available, and they may not be as costly as you may think.
Self-employed individuals – including those who are contractors, freelancers and sole proprietors – are eligible for two primary categories of insurance that are available: individual health insurance coverage and group coverage.
Opting for an individual policy may carry a higher premium amount. However, oftentimes these types of policies are necessary for self-employed persons who have preexisting conditions. This is because each policy is actually written based on the covered insured’s individual medical history.
Group plans available for the self-employed include organized medical insurance networks such as health maintenance organizations (HMOs) and preferred provider organizations (PPOs).
Although an HMO will offer lower premiums in most cases, the insured is required to live in an area where benefits may be received. Going with a PPO, an insured may have more leeway in terms of provider choices and in the geographical area in which services may be received.
So if you are a self-employed person (contractor, freelancer, sole proprietor, etc.) you are eligible for health insurance coverage. Contact your independent insurance agent to find out about the different plans available.