Cathy Said:

Any expert advice on one person health insurance for the self-employed?

We Answered:

I think you already know that purchasing health insurance is an important project. You need a trusted adviser to help you through the process so that you understand what you are purchasing. Some suggest going on line to get a quote but there is so much more to the decision than price.

You need to determine how much you will participate in sharing the cost of your health care. This will determine the cost of your health insurance. If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage, low deductibles and low copays your monthly premiums will be significant.

On the other hand if you are young and healthy and rarely use the health care system you can choose a plan that covers the major health catastrophe your premiums will be relatively low.

Check with the agent that writes your home, auto or business insurance he/she can provide you valuable advice that takes into account your budget and health situation. If they don't handle health insurance they could refer you to a trusted colleague.

If you want to use the Internet use it to educate yourself but use an agent to purchase the coverage.

Tonya Said:

Can anyone tell me of an affordable health insurance for self employed people?

We Answered:

You might consider a High Deductible Health Plan (HDHP). As the name suggests, it has high deductible amounts, so it costs less than traditional health insurance. Under federal law, the minimum deductible in a HDHP plan is $1,100 for an individual and $2,200 for a family. The maximum deductibles are $5,500 for an individual and $11,000 a family.

The main advantage of an HDHP is that you can shelter up to $2,850 for an individual or $5,650 for a family per year from state and federal taxes in a Health Savings Account (HSA). Depending on your tax bracket and where you live, that could save you as much as $2,971 in taxes per year, assuming a combined tax rate of 59.6%—35% in federal income tax, 15.3% in self-employment Federal Insurance Contributions Act (FICA) tax, and 9.3% in state income tax (California). The contributions you make to an HSA are yours to keep, rolling over from year to year. The funds remain untaxed as long as you use them to pay medical expenses or withdraw them after age 65. The funds earn interest on a tax-deferred basis. Think of it as an IRA that you can use to pay out-of-pocket medical expenses.

Brent Said:

Getting Individual Health Insurance For Self Employed?

We Answered:

Based on your question I would suggest that you need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. Some may suggest going on line to get a quote but you probably already know that there is much more to health insurance than price. Some might even suggest a discount plan which is not insurance at all.

Ultimately, you are the one who determines the affordability of your health insurance plan by deciding how much you will participate in sharing the cost of your health care with your insurance company.

If you choose a plan that covers everything i.e. doctors office visits, prescription drugs, preventative health benefits, maternity coverage as well as low deductibles, low copays and optional vision and dental benefits your monthly premiums will be significant.

On the other hand if you are young, healthy and use the health care system rarely you could consider a plan that covers only the major health catastrophe which will result in a relatively low monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit and still come out ahead.

Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health status. They can answer questions as to what is and is not covered by the policy, explain deductibles and copays and show you the hospitals and doctors that participate in the network.

Use the Internet to educate yourself but use an agent to purchase the coverage.

Catherine Said:

Affordable health insurance for self employed in Missouri?

We Answered:

Health insurance is not cheap when you are self employed. I was self employed for several years and I had coverage through Blue Cross and Blue Shield. I know that State Farm also provides individual policies for people. I paid anywhere from $150-$200 per month! It's very expensive to have an individual policy but it also came in very handy at times. Good luck to you and I hope I helped.

Katherine Said:

Does anyone have any suggestions for affordable health insurance for the self employed?

We Answered:

I think the best way is to do some research on your own and then get in touch with local health insurance agents or brokers. I say more than one because talking with more agents will give you more ideas, see more health plan products, and – most importantly – get several different insurance agents competing two earn your business. Many people don’t realize it, but insurance plans aren’t any cheaper online than they are through an agent.

You might want to find out whether a horse trainer organization has group health insurance. It would be cheaper than individual health insurance. I’ve included a link to United Professional Horsemen’s Association; they might have group health plans for members or offer advice. I’m sure there are other professional horse trainers in your situation.

When I’ve looked at self-employment matters, The National Associated for the Self-Employed (see link below) had some good information. They have a health care Web site with some good information as well (also below). Also, some states have group-purchasing pools for small business and the self-employed. Depending on the kind of business you’re in, there may be a trade association you can join and get group health insurance through them.

After you’ve done some researching, try visiting MostChoice.com. You fill out a short form, they send you information on health plans available in your state, and local state-licensed insurance agents contact you within 48 hours to talk about what you’re company needs in a group health plan. It’s free and you’re not required to buy anything from the agents who contact you. Just wait until one of them delivers an insurance solution that makes sense for you and your company.

You can visit MostChoice here: http://www.mostchoice.com/health-insuran…

Hope this helps,
Barnes@MostChoice

Ramona Said:

Life, health insurance for self employed cabin crew.?

We Answered:

I don't know about the UK, but in Canada if you go see an insurance broker they can take care of all the insurances that you need/want as a self employed person (Personal Health Insurance [medical, dental, ptical], disability[loss of earnings], life, critical illness, long term care, etc). Plus an insurance broker can shop around the whole market to make sure you get the best deal out there as well.