Comparing the Best Health Insurance for Entrepreneurs

The enrolment period for 2019 health insurance is coming up fast. If you aren’t prepared, then you could end up choosing a plan that doesn’t meet your needs. If you want to be fully covered for 2019, then it’s time to start considering your insurance options.

As an entrepreneur, your finances are probably tighter than the average individual or family. Income needs to be saved or reinvested into your business. It’s easy to overlook your healthcare, but this is a dangerous move.

If you don’t have health insurance for entrepreneurs, then you will not only be required to pay the insurance penalty, but you could find yourself in a crushing financial position if you need to shell out for health care. Insurance is always the best option, and it is surprisingly affordable when you know what to look for.

Your Options When You Need Health Insurance for Entrepreneurs

When you choose the right health insurance plan you will end up better off financially, without worrying about penalties or any significant costs should you need care throughout the 2019 calendar year. The following are some creative suggestions, all of which have been used by entrepreneurs to cut down their health care costs in recent years.

Choosing Catastrophic Health Insurance for Entrepreneurs

The Affordable Care Act introduced by President Obama created some unique healthcare plans that weren’t previously available. Most of the ACA remains in effect, even with some of the changes that have been made by the current administration. Catastrophic health insurance for entrepreneurs is still one of the best options if you are in good health, and simply want reliable insurance for emergency situations.

Plans of this type are designed to give you coverage in scenarios of sudden illness or when an accident occurs. These plans comply with the minimum requirements under the ACA, so you won’t be subject to any tax penalty. The basics include prescription medications, preventative health services, and emergency coverage.

On a plan like this, you will need to shoulder initial medical costs, up to a high deductible. In most cases, this is around $1500, $2000. The benefit is that your monthly premiums will be much lower than other plans, which makes catastrophic health insurance for entrepreneurs one of your best options. If you have not needed a significant amount of health care in the last five years, then this could be the best plan for you.

There are also simple benefits covered by insurance in most cases, even if you haven’t reached the high deductible. Benefits can include completely free preventative services such as disease screening and immunization, as well as up to three visits to a primary care provider in a calendar year.

There’s only one caveat with this plan, which is the age limitation of 30 years. If you’re a young entrepreneur under the age of 30 then this is one of the most compelling plans you can choose. If you are over 30 then you will need to consider more traditional health insurance policies.

Protecting Yourself with HSA Health Insurance for Entrepreneurs

Health Insurance for EntrepreneursAnother popular option with entrepreneurs is a Health Savings Account, otherwise known as HSA. This is tax-free savings account that you can use when you are enrolled in a high-deductible health plan. In most cases, you will be able to combine emergency/catastrophic health insurance for entrepreneurs with an HSA account.

When you make deposits into medical savings account they will be tax-free. These funds accumulate and roll over to the next calendar year. The benefit of opening this type of account is that you can continually build your funds which can then be used in times of medical emergency. Unlike traditional insurance, there will be fewer limitations on the type of treatments and consultations that you can use the money for.

Investing in an HSA is actually an investment in your future. Even though you may not need regular healthcare today, there could come a time when you will need to fall back on your insurance and your savings. An HSA allows you to build a type of safety blanket, and the longer you keep your account, the more money you will have available.

If the funds are used for qualified medical expenses, then you won’t pay any tax on the withdrawals. You can even use funds from an HSA in a non-medical emergency, however, your withdrawals will be subject to tax.

Standard Health Insurance for Entrepreneurs

If you are an entrepreneur without employees, then you may want to consider insuring yourself under simple plans that are used by the public. A highly affordable HMO plan could give you a high level of medical coverage with low premiums. You will have to get your medical care from within the HMO network, so this is not the best one to consider if you travel often.

Another popular option for entrepreneurs is PPO insurance. Medical costs are covered with the best deductible rates when you get care from within the network. The difference with this type of plan is that you can still get some coverage when you go outside the network, although there will be a higher deductible.

A PPO is often preferred for entrepreneurs who travel often, as there will be more freedom to visit medical facilities that are outside of the preferred network.

Multiplan health insurance for entrepreneurs is another possibility. This type of health insurance offers coverage through a vast network of providers, potentially creating options no matter where you are in the United States. Multiplan currently operates through a network of more than 4000 facilities and over 500,000 practitioners.

Have Peace of Mind with Health Insurance for Entrepreneurs

Crippling medical costs are a leading cause of bankruptcy in the United States. When you are an entrepreneur, you should never risk your business by ignoring the benefits of health insurance. When you have the appropriate coverage, you won’t need to worry about the unexpected, and can instead focus on growing your business.

Mutual Health Partners can provide the very best coverage options when you need health insurance for Entrepreneurs in 2018. Affordable plans with the right amount of coverage are ready for you to compare. Talk to our licensed insurance experts and be ready for the enrolment period this year.