What is the best health insurance solution for me as a Self-Employed Business Owner? How many health insurance options are available to me?
The best health insurance solution and the number of coverage options for you as an entrepreneur depends on your need, your age and who you want to cover.
Many small businesses don’t meet the minimum threshold to offer group insurance because they hire contractors instead of employees.
Groups are typically based on the number of full-time employees on payroll and the type of contractors you offer benefits to.
Thus, many entrepreneurs find the task of obtaining health insurance tricky.
Your health is vital to your business success.
Invest a little bit of your time to locate the best health care coverage without busting your budget.
We find that the most benefit value for Self-Employed Business Owners is typically a PPO plan.
Preferred provider organization (PPO) plan is an indemnity plan where coverage is provided to participants through a network of selected health care providers (such as hospitals and physicians).
Enrollees may go outside the network; however, they do incur larger costs in the form of higher deductibles, higher coinsurance rates, or non-discounted charges from the providers.
However, there are other options for you as a self-employed business owner.
On June 19, 2018, the U.S. Department of Labor expanded access to affordable health coverage options for America’s small businesses and their employees through Association Health Plans.
Association Health Plans work by allowing small businesses, including self-employed workers, to band together by geography or industry to obtain healthcare coverage as if they were a single large employer.
Association Health Plans can also strengthen negotiating power with providers from larger risk pools and greater economies of scale.
Take some time to meet face-to-face or schedule a webinar where you see the exact benefits offered to you as an entrepreneur and you can ask questions.
Call 740.535.6440 or contact us via email to setup a day/time that’s convenient for you to discuss your current health care coverage!
It may be the most informative 2-3 minutes of your life.