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Health Insurance for Home-based Business Owners
The number one benefit of working for a company, according to workers across the country, is health insurance. Health benefits keep people at jobs they hate because employment is the safest bet for affordable health care. Health insurance is also the number one roadblock for potential home business owners.
It is no secret that the health care situation is in a dire state across the nation. While the first group that comes to mind without insurance may be the unemployed, many others are fighting an uphill battle. Not the least of these is the small business and home-based business owners in America. But there are options, and health insurance is absolutely necessary if you are serious about the longevity of your business.
The central figure at the core of your business operations is you, the business owner. The business requires you to be present and functional in order to thrive and succeed. You also need your business, as it is your primary source of income. In the event that something happens to you and you are put out of commission, there will be no money coming in. Not only that, but with no insurance there is no one else to pay the bills for your health care.
A few viable options are available for home-based business owners to remain insured. The first, easiest and most frequently mentioned is spousal coverage. If your spouse is employed by a company that provides insurance for the family, you can safely remain insured without purchasing outside coverage. This is the lowest stress and lowest cost option. If the business owner is not married, however, or if both partners are involved in the business, other options have to be explored.
Individual health insurance policies are offered through a variety of companies. These policies tend to be very expensive. Also they are subject to medical underwriting. The implication is that policy seekers with preexisting conditions will often be turned down. In fact, your overall level of health will be taken into consideration when you apply for benefits.
Research your eligibility as a home business owner for group health insurance benefits if you employ more than just yourself. With multiple employees the need for insurance rises exponentially. Even if you are the only employee of your business you may still qualify for a policy. This is due to a new development in group health insurance policies. Some companies and states are offering group health insurance to groups of one. For anyone with a preexisting condition, a group policy is the best option. To qualify for most group plans, you must provide legitimate documentation of your business, such as federal tax forms. Different companies will have varying requirements, so do a little digging before you sign up.
Some states offer state-funded health insurance for people in a lower income bracket. The birthing stages of a home business don’t provide high bracket income in most cases. For this reason many home-based business owners fit into this classification. Check with your state to see if they offer this type of program. Browse state government websites for information on individual health insurance coverage and the program requirements.
Ask home business owners in your area for insurance referrals. You can find relevant information on the most affordable plans and reasonable coverage by networking with others. Too many business owners operate without health insurance. This is often an honest oversight as a result of putting all company revenue into business operations. However, many businesses do not survive, as a result of the owner lacking health insurance.
In addition to health insurance, home business owners may want to consider disability and key role insurance. Coverage will protect the business in the event that the sole proprietor can no longer work.
About the Author
Tom McMullen writes articles related to home business. You can see more of his articles at:
http://www.moneydeals4u.com/
I got denied health insurance, why?
my husband and i had a baby in may of 07. i had my own insurance through work when our baby was born and had a c section. my husband had insurance through his work. after our baby was born i quite my job and was put on my husbands insurance along with our baby through his work. this december he went into private practice, he’s a lawyer. and we had to get an individual plan instead of the group plan. we even went through the same insurance company. today i called and my daughter and husband were accepted but i was denied. I don’t get it I’m so upset. I had insurance continuously for the last 12 years. I don’t know why I was denied yet because they have to send the reason why in the mail. I’ve never had any medical issues or anything I can think of why I’d be denied. Please inform me on what the problem might be. Any underwriters out there? I live in oregon if that helps.
I would appeal that on the hiipa fact that if you haven’t gone over 63 days without coverage, they can’t deny you for “pre existing ” condition. Shame on them.
