Benefits of Buying Health Insurance for Your Baby
There is great freedom in being your own boss but there are also certain hard realities such as having to pay more taxes and all of your own benefits. Not the least of these is health insurance.
When you have a regular job you nearly always have at least the option of taking group health insurance through your employer. In fact, it is mandated in some states for certain size businesses. For the self-employed, this option does not exist, of course.
The self-employed do have several options, of course. Self insurance is one choice and this assumes you have enough capital to pay all of your own health expenses out of pocket without buying a policy.
It is very risky, though, since some conditions can be overwhelming expenses except for the truly wealthy. An organ transplant can cost well over a million dollars including aftercare for the rest of your life. Or you might have a premature infant born who could run up a similar bill.
Another option is to buy a private, individual policy. These will cost substantially more than group policies and your current health can make them even more costly. If you have certain conditions it may be hard to get coverage at any price and pre-existing conditions can be excluded.
A better option is to join an organization for the self-employed that offers group insurance at more affordable rates. The membership costs are usually modest and are saved in premium costs. There are several of these to choose from.
You may also be able to get more affordable coverage from a state pool for small employers in some states. Yet another choice is coverage from a business or fraternal or religious organization that also offers insurance choices. These may offer other options such as life and disability coverage as well.