Self-Employed? 3 Reasons to Get a Better Health Insurance Policy

[note color=”#FDD017″]This guest post comes courtesy of Susan Wells. Susan is a freelance blogger who enjoys writing about automotive and health news, technology, lifestyle and personal finance. She often researches and writes about automobile, property and health insurance, providing consumers with access to a trustworthy insurance quote guide and unbiased advice on purchasing. Susan welcomes comments.  If you’d like to guest post on this blog, check out the guidelines here.[/note]

Being self-employed is one of the greatest achievements in the professional world. You get to be your own boss. You don’t have to commute in and out of an office every day or worry about your next employee evaluation. It is, however, much more complicated. There are things that self-employed people have to take care of that the regular worker never has to worry about. One of them is finding the right health insurance policy.  Even though it seems easy enough to get any old insurance policy, as long as you can afford the premium, there are many reasons why, because of the fact you’re self-employed, getting the right insurance policy should be of utmost importance.

1. Basic doesn’t cut it in an emergency.

You may look at the monthly premium of a basic coverage plan and assume that it’s the best way to go. Most people get insurance to protect themselves from financial disasters brought on by medical emergencies. However, if you’re self-employed, you may want to consider the fact that, if an emergency situation really does arise, basic care may not be much help. Most insurance plans with low premiums have extra high deductibles. They also come with a bunch of red tape and exceptions for coverage. This means that your insurance company will not be something to fall back on when you most need it. It’s much better to pay a hundred, or so, extra every month to know that you and your family will be protected.

2. There is no one to cover for you during an absence.

If you’re self-employed, you can’t really call in sick. And you definitely can’t stop coming in to work altogether. But, if you get into a car accident or incur some other form of life threatening medical issue, you will simply not be able to work. This puts your entire business at risk. That’s why it’s important to make sure that you will not be hung out to dry by your medical providers or insurance company in the event of an emergency.

3. Financial concerns are multiplied for the self-employed.

The great thing about being self-employed is that you get to skip Uncle Sam taking your money every paycheck. The downfall, though, is you have to work harder than most to keep track of your finances and make sure you have the savings to take care of taxes on a yearly basis. Because finances are so much more delicate when you’re self-employed, a medical emergency can completely break you. Not only will it affect your monthly income, it will affect your ability to pay taxes and support the costs of your business annually.

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