The Search For An Affordable Insurance (Part I)

In New York City, New York which is one of the few municipalities that actually track the self-employed entrepreneur, there were approximately 810,000 at any one time hustling and bustling within Manhattan. This same trend seems to be a growing phenomenon throughout the country as well, which leaves many in search of or without a comprehensive health care plan. The Bureau of Labor Statistics informs that the national self-employment, that amount of total employment made up of the self-employed, has been stagnant between 7% and 9% of the population total. The Census Bureau reports the number of sole proprietors rose to twenty million in a very short period of time. Some of the difficulties the self-employed and business entrepreneur face is well at focus.

The United States Small Business Administration or SBA has reports of over four million businesses in existence today with a total employee load factor of four to five employees per business, few of which are able to carry the burden of affordable insurance for themselves, their families, and their employees. This is a growing problem as the medical insurance annual premiums have been on the rise and most self-employed and small business sole proprietors are finding it difficult to either buy into an affordable insurance policy or maintain the one they already possess.

1. The average annual premium for a family of four hit an all time high of almost $13,000.00 in 2008 and has increased even higher for 2009.
2. The benefit package coverage for a family of four has decreased to compensate the rising costs of health insurance.
3. Specific benefits like that for dental, vision care eliminated from the initial medical policy, and now is present on a separate umbrella policy which of course will raise the overall cost of medical insurance.

By reducing the benefit packages, self-employed entrepreneurs and small business proprietors are not receiving the benefits they once were. The greatest difficulties the self-employed and the small business entrepreneur still face the encroachment of higher medical costs and lower coverage. Many self- employed have insurance through a spouse which is a huge saving, but there are others not as fortunate.  They try to buy into a group insurance plan but even that does not always afford a low cost health insurance, especially when there is a pre-existing condition involved. Unfortunately, when a pre-existing condition is part of the package there is a mandatory waiting period up to eighteen months for a new enrollee and this can be and is devastating.