Tweet

Employee Insurance Packages for the Self Employed

Guest post by: Alston Balkcom

Article Overview: When you're an entrepreneur, a lawyer with your own practice, a self-employed plumber or are otherwise self-employed, one of numerous important issues you must confront is determining the kind of medical coverage policy and other coverage you should purchase for yourself and your family.

Employee Insurance Packages for the Self Employed

When you're an entrepreneur, a lawyer with your own practice, a self-employed plumber or are otherwise self-employed, one of numerous important issues you must confront is determining the kind of medical coverage policy and other coverage you should purchase for yourself and your family.

The bad news is that you and not your boss has to pay for your insurance. The good news is that you also get to determine what goes into your package.

An optimal cover and benefits plan should give you an income you in the event of a disability, indemnify your loved ones in the event of an early death. It will also include savings for retirement and health care insurance.

Disability Cover

Disability income coverage is for many people the least thought of lines of protection. Most people own medical insurance because we fear that we can get a disease or hurt and be forced to pay huge healthcare expenses. For some reason we think less about the fact that we will be unable to work. Perhaps people just don't consider it. But we should. Career ending injuries are amongst the main causes of bankruptcy. This is critical personal insurance protection.

Life Coverage

Permanent whole life, annual renewable term insurance or variable life? The type you buy won't matter to your widow or widower if a claim is made. Only the face amount will matter. If you are a parent of young children or have other people depending on you, you should have life insurance protection.

Retirement Planning

Retirement isn't inevitable, however if we are lucky enough to live a long life we want to have enough money to enjoy our retirement. Without a strategy, there is a great chance that you will find yourself with less than you will need.

LTCi or Long Term Care Coverage

Home health care and its costs are not often considered. However, the cost of a home health care or a nursing home can cost over $1,000 a day. Neither a typical medical care insurance policy nor Medi-gap will pay for home health care.

Medical Protection

Having the right medical care insurance is crucial with the cost of medical care escalating each year. The cost of medicine, the price of seeing a medical professional, the cost of hospital stay and the expense of a short stay in the emergency room has gone up every year. Medicine has escalates much faster than inflation in general and certainly more than the average paycheck in America. Be sure you have good protection in this area. Top notch insurance does not necessarily mean that you should have first dollar health insurance policy. However, it should certainly mean that you have excellent coverage for the big things. Medium to high deductible plans very often are a good value and provide you insurance coverage for the crucial things.

Insurance Coverage for Dentists

Dental care coverage is critical. However, coverage for oral care at a cost that is reasonable might not be available to you as an individual. Be aware of the rates, the benefits and the waiting periods before committing yourself. You might discover that you will do better if you pay your oral care directly with the money you save by not buying an overpriced dental insurance plan.

Related Articles
  Employee vs. Self Employed: Criteria and Considerations
  Avoid These Mistakes When Buying Insurance For Self Employed
  Your Self Employed Hidden Paycheck – How to Pay Yourself More with Less (Part 1)
  Insurance Programs and You
  Life Insurance Companies - Choosing the Best One For Your Needs
  Are you an Employee or a Self Employed Individual ?
  Avoid this Common Costly Health Insurance Error
  Business Insurance Coverage
  Alternatives to COBRA health insurance
  Maternity Medical Care Insurance - Starting Insurance While Pregnant
  Car Insurance - Gap Insurance
  eHealthInsurance.com Health Insurance | Health Insurance Company Guide
  To Be Self-Employed or Not To Be Self-Employed
  How to Use Link Building Packages Effectively
  Dental Care Insurance For The Self Employed
  Human Capital - Your Company's Biggest Asset
  Self-Employed Health Care Insurance Choices
  Accident Insurance
  Five Key Insurance Programs for Small Businesses
  Auto Insurance

Article Tags: coverage policy, disability income coverage, enough money, family br, health care and its costs, health care insurance, healthcare expenses, home health care, life coverage, life insurance protection, ltci, medical coverage, medical insurance, personal insurance, plumber, retirement planning, term care coverage, term insurance, variable life, widower
Referred by: http://www.searchengineworkshops.com



Related Forum Posts
Young Entrepreneur - I'm fifteen and last year, when I was fourteen I owned a motor sports marketing company. So yes, I do feel last year I was a "Young CEO." This year I'm getting more involved in investing. I assume I am now a "young investor." And for everyone's reference, there are four types of people in this world: 1.)The Employed 2.) The Self Employed 3.) Business Owners 4.) Investors The difference between the self employed and business owners is that business owners can leave their company for one year and come back and find that it is more profitable than when he/she left. A self employed person is like a Doctor or Dentist.
Re: Insurance for Home Based Business? - hi there I'm a newbie here.I can get good information regarding the Insurance for Home based business and more. It's really safe to have Insurance for a home based business. Thanks a lot for discussing some important issues here and i feel really happy to be a part of this.
Post subject: It's Not Personal, just business - I so agree! Actually, the business world as we know it IS in trouble. I heard some stats last week that they expect by the time 2050 that 70% of workers will be freelancers. Employee/Executive Bullying won't be able to stand it when it could be easier for someone to simply contract with the nicer guy (or gal). I, for one, will be choosing the nicer ones!
zipcar saves Gas cost - The gas prices haven't affected me in anyway. I use the Transit system and ZipCar. I love Zipcar 'cos it has Gas and Insurance included in the prices and they haven't raised that for a couple of years now.
2 Forums Updates - Many of you have been writing in suggesting that on my website and in my newsletter we include the link to the actual forum post and not just the name of the post and a link to the Forums home page. Well, after looking into it I'm pleased to announce that this feature is now available. Thank you everyone for the suggestions! We've also added names for members based on how much they post. Level one is Newbie, Level 2 is Intern, Level 3 is Employee and so on... There are 10 levels in total. I'm looking forward to seeing how everyone does! Keep the suggestions coming - they are great!


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

You Have A Website What Now

Your Local Small Business Online Marketing Funnel

Induction – your first management job

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.