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Health Insurance for Self Employed Entrepreneur and some Truth

Health Insurance for Self Employed Entrepreneur and some of it's Truth

Most of the people decide on starting their own business when they reach the ripe age of retirement. It is one of the most important career options for people who have reached the mid-life. According to AARP Public Policy Institute Issue Paper by Lynn A. Karoly and Julie Zissimopoulos 5.61 million workers who are aged 45 and above are self employed from the 13.81 million workers of the workforce in total. The statistics is more obvious if we say that though 25 percent of the total workforce are aged 50 and above from the total workforce but the percent increases to about 40 percent if we take only the self employed people. This data was collected by the above mentioned RAND scientist in 2002.

Not only that but self employment is a career change for a lot of young entrepreneurs also. Self Employed Health insurance becomes a necessity for peoples living under the constant market pressure. This is not only true for entrepreneurs but people working for such small business.

It was depicted by the Employee Benefit Research Institute (EBRI) that in US about 63 percent of the 27 million uninsured working citizens are self employed. This is mostly because self employed health insurance is not easy to decide because of their reliability and affordances.

Media puts the health insurance premium on the rise and not easily reachable for the people in small business. But the real scenario is much more different than it actually is. Individual health insurance market is at a much better prospect than group premiums. Like any supply and demand business. It is more understandable if we say that due to premium rise if it is not demanded by the people then premiums are lowered to suite the market demand. The problem only lies for people opting for group insurance.

The scenario of health insurance with self employment will be more understandable if we notice the following data as under:

  • 2.5 million of the people take personal policies
  • 3.6 million get themselves insured through their very own business
  • 0.72 million use public program to insure themselves
  • 3.51 million are uninsured
  • 3.31 million people get themselves covered by their spouseís insurance policy or by some other policy

Though a lot of Medicare benefits are available for people aged 65 and above but most of them does not cover the entire benefits needed for being self employed without health risk. A lot of additional health insurance cover is need. Thatís why it is essential to opt for the right one from a lot of varied plans and resources available.

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