Self employed health insurance is no laughing matter. In the United States, not having health coverage can put you and your family at serious risk. This is especially true for the self-employed individual who represents a very important asset to him or herself and the family. If you are a self employed accountant, for example, and you become ill, you may not be able to put in the time to make money as usual.
If you own a home, you insure it properly in case of fire, natural disaster, or any other unexpected event. If you own a car, you insure it to protect yourself in the event of an accident or theft. These are both very important assets in the life of a typical person. I hope you get the idea. Your health as a self employed or solo professional is incredibly important because it is so closely tied to your earning power.
Now, you may be thinking, is not this just the same thing as being employed? Do not the employed individuals of the world face the same consequences? Perhaps this may be generally true, but most employed people have immediate access to benefits the self employed do not enjoy – sick time being just one example. If you are a self employed contractor, for example, you will not be able to just call in sick to take time out and still get paid.
I titled this article "how to create your own coverage" because I think it's a helpful way of thinking about insurance plans. You really want to cover your bases in the event of something unexpected taking place. That's where insurance plans come into play. You can benefit immensely from providing proper coverage for yourself and your family. In the event of a major medical or comprehensive medical problem, you can rest safely and comfortably knowing that everything is taken care of.
Yes, there are many benefits for self employed individuals to enjoy. You get to make your own hours and set your own pay (in some cases). But with these advantages come a handful of disadvantages – as in any trade off scenario. You will need to make sure that you prepare for the inevitable. As I always like to say, "you will get sick" so count on it happening. Do not fool yourself into thinking that you can avoid illness or that accidents simply never happen to you. Accidents are never expected or planned. All you can do is prepare. Today is the day to get started!
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