Self-employed small business owners make up 27 million of America's 45 million uninsured. If you're one of them, here's how to get affordable small business health insurance.
Look for Group Options
You can find the best rate by finding a group to be part of. Some states allow small business owners to qualify for more affordable group plans as a "group of one." Check with your state's Department of Insurance to see if this option is available to you.
If your state requires at least two employees, you may be able to put your spouse or other relative on the payroll. You'll likely need to show a tax return or business filing to show that you have a real business.
You may also be able to join an industry group, credit union, chamber of commerce, or other group to find group-plan coverage.
Research Your Options
Even if you do not qualify for a group rate, you can save money by choosing the best health plan for you. Many different types of health plans are available, including:
* Health Maintenance Organizations (HMOs)
* Preferred Provider Organizations (PPOs)
* Major medical plans
* Fee-for-service plans
* Medical Savings Accounts
Each type of plan offers different costs and coverages. Some, such as HMOs and PPOs, have lower premiums but limit your choice of care givers. Others offer more freedom and comprehensive coverage but have higher premiums.
Premiums can vary dramatically from one company to another, so it's important that you take enough time to compare quotes before choosing a plan.
An easy way to begin comparing quotes is to go to an insurance comparison website. Here, you'll fill out and submit a simple online questionnaire with information about your business and your insurance needs.
If you have questions as you fill out the questionnaire, the best insurance comparison websites have insurance professionals on hand answer your questions and advise you on which type of policy would be best for your situation. (See link below.)
Once you submit your application, you'll begin to receive quotes from multiple A-rated insurance companies. You then simply review the quotes and choose the company with the best policy and the best rate.Affordable Health Insurance for a Small Business Owner