Self-Employed and Society

Relief for the self-employed is agonizingly slow in materializing, but they are coming to fruition. We already are aware of how medical expenses can add up quickly. Life for the individual entrepreneur has been difficult at times. In the current form only expenses exceeding the 7.5% adjusted gross income were deductible. At that it is only at a small percentage, but we are aware how every penny counts. The self-employed until recently were basically ignored. Over the years though, their numbers have increased tremendously and now they are a bargaining force to listen. Health insurance, though there are other issues, remains in the forefront. The growing trend of entrepreneurs and their contribution to society has grown so vast they are their own bargaining chip.

The self-employed have come together to change, rearrange and add new laws to benefit the individual and new form of employment. The days of only working for a large corporation are over and the small business is on the rise. Now the attention is turning towards the availability of low cost health insurance to benefit all residence in the New York region. Premium deduction began as a low percentage of the total cost, but it has grown to between seventy and one hundred percent over the past few years.

Medical insurance coverage for the self-employed is expensive. It takes time and perseverance to find the right insurance policy to fit the requirements of your business. There are a few things to look for when deciding which insurance carrier to enroll.

1. Ask for a high deductible to lower the average monthly cost for health insurance.
2. Ask for full hospitalization coverage.
3. Ask for a plan allowing the utilization of various doctors and easy access to the hospitals in your area.
4. Ask for low co-pay for office visits.
5. Ask for the right to choose your own physician.

Another issue to be vigilant of is pre conditions. If you or any of your employees have a pre condition choose an insurance carrier, usually a group plan, that does not have a long waiting period before coverage begins. The waiting period is three months to eighteen months depending on the insurance carrier. If you have a mix of men and women employed, look for an insurance carrier specific in men’s issues and women’s health needs. This will save time and money once all of the necessary issues covered are in the original policy.