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Group Insurance - Guide

One of the greatest uncertainties in life is falling sick or being disabled with no money in your pocket, especially if you are self-employed.

This uncertainty can be overcome by a health insurance which is a system in which the insurer, usually a private company or government owned company pays the medical expenses of the insured, if the insured falls sick or gets in an accident due to covered causes.

In return the insured has to pay a monthly premium to the insurance company.

INSURANCE ADVICE - GROUP INSURANCE

Self-employed include farmers, contractors and small business owners, freelance writers, lawyers etc. There are some factors that separate self employed health insurance from ordinary health insurance.

Cost - Self-employed health insurance is costlier than the one's provided through an employer (like a company). This is because in larger groups the cost of insurance gets distributed as compared to smaller groups. This is one of the reason people are reluctant to go for self employment. There are ways and means to reduce this cost which will be detailed subsequently.

Tax Benefit - Fortunately the self-employed health insurance premium is 100% tax deductible. The tax code makes it difficult for most people to deduct the cost of their health insurance premiums. However, if you are self-employed, pay for your own health insurance premiums, and were not eligible to participate in a plan through your spouse's employer, you can deduct all of your health, dental and long-term care insurance premiums.

What's more, you can also deduct premiums that you paid to provide coverage for your spouse and dependents. This is technically considered a personal deduction, not a business deduction, but it is only available to the self-employed.

Reducing Costs - The best way to reduce this cost is to go for family cover in your spouse group insurance through his/her company (that is if your spouse is working). Another way is if you employ between 2 to 50 people, you can go for group insurance.

If you are leaving a corporate job you can opt for COBRA (Consolidated Omnibus Budget Reconciliation Act). COBRA is a law that makes it mandatory for your employer to provide the option of retaining membership in their health insurance plan.

However you will have to pay the entire monthly premium part which was paid by your company earlier. You may be surprised at the high cost of the premium which may run up to 500$ a month.

Temporary Health Insurance - If you are planning to remain self employed for a small period of time and plan to join another company later, you can opt for a temporary insurance. This is the cheapest type of health insurance available today. However annually the premium keeps increasing as you grow older.

If you have none of the above ways to reduce insurance cost then the only way is to go for standard individual policy. As mentioned earlier they are usually costly but are very important for insuring the future.


You can find additional technical resources for this article in the technology section at: http://www.proprint.co.uk

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