The economy is driving more and more people out of corporate employment and into their own entrepreneurial ventures. Not necessarily by choice, however, but through layoffs and other reasons of unemployment. When the employment market dries up and companies set hiring freezes, what is a person to do but perhaps put their expertise to work for themselves?
But going into business as a freelancer also means giving up the perks of corporate benefits. Particularly health insurance. Health insurance gained through corporate employment is the easiest and most cost efficient means of health coverage. Since employers usually agree to pay all or a portion of the premium costs, employees enjoy the advantages of group health insurance.
However, as a self employed freelancer an entrepreneur must admit defeat in the group insurance world and shop for individual or family health coverage through one of a plethora of options and companies. Here are a couple of affordable options for the self employed:
PPO - An individual or family plan through a Preferred Provider Organization (PPO) such as Blue Cross Blue Shield can be a good option. Choices of health care providers may be limited and not include former or favorite physicians, but there is usually a wide choice of options in a variety of areas of providers who will accept the PPO insurance plan.
HMO – A Health Maintenance Organization (HMO) is a corporation who practices managed health care usually with its own health care facilities and physicians. HMOs usually offer affordable individual and family health plans, but getting the care you need may require persistence and effort if the HMO does not feel your condition warrants attention. Expect a lot of red tape in getting referrals and specialist care as well.
Self employment is an adventure in becoming one’s own boss and freedom in the choice of work we do. But it doesn’t mean we have to give up health care coverage. With many affordable plans available to individuals the self employed can still enjoy the peace of mind of health insurance.
