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Health Insurance Problem of the ‘Forty-something Self-employed Rookie’
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A turning point in life
At some point of a person’s life, he or she gets tired of all the adrenaline rush of the rat race and the dog-eat-dog world of climbing the corporate ladder. As people grow older, they’re most probably inclined to be dissatisfied with the system they’ve been working with for the past ten years or so.
If you are about 40 or older, you might possibly know the feeling of stagnation. Some call it burn out, while others call it the pursuit of forgotten dreams and goals. As a result they leave their desks and confining cubicles, rip out their suits and ties and explore the world anew! Hey, they won’t have to wait for Friday to arrive just to wear their casual wardrobe.
You win some you lose some
This freedom from corporate bondage usually results to self-employment. This time you wouldn’t have to be working for somebody else. You are now the master of your own ship and you are now your own boss!
But the smell of fresh crisp freedom comes short once you realized what you have lost and left in your corporate life. Other than missing your old officemates, and maybe your boss, you realize that you also missed your full coverage health insurance your old job provides. You’re free and yet your old health safety net is gone. Certainly, losing your old sense of security you have had for years may be quite scary. This is the prize of freedom.
This type of situation is what stops some people from venturing into self-employment and starting their own businesses. Health, wherever in the world you go, is very dear to anybody who wants a long and high-quality life. It is doubly important to those who run their own businesses (small as it may be) and are self-employed. If a health problem occurs, their source of income is directly affected and could cause financial losses. So, investing in your health as well as in your planned business venture is a good start of your new life.
The self-employed ways to get insured
The first thing that worries you, the self-employed, is how to get health insurance. Of course, you didn’t worry about this much before because your health insurance was a part of your job benefits and your employer most likely took care of it.
Now, if you were always like an ant that constantly saves money for the coming rainy season, then a health savings account might be just right for you. This type of account will provide you savings that are tax exempted and you may possibly be able to afford health insurance with high deductibles. Consequently, you are able to reduce the rate of your premium.
Plus, if you’re not aware of this yet, you are entitled to use your health insurance remittances as a deduction on your savings, which may give you a sufficient amount of cost savings or reimbursements to get another premium.
You may be alone in your new venture but fear not! There are also organizations for the self-employed and through these you can meet people who are self-employed, too. Organizations like these can obtain group plans. Though as good as it may seem, plans like these do not provide the best coverage. But it is good enough than not being insured at all.
Another thing is that health insurance usually provides spouse coverage. This is great if you are married and your spouse is employed in a company. In this case, a good partnership with your spouse is very beneficial: one pursues self-employment and run a business, while the other stays at the company for the health insurance and steady flow of income.
Life starts at 40!
Self-employment may be like an unexplored virgin forest to some, but with these suggestions, you won’t have to fear it. So if you think that 20 or more years in the corporate jungle is more than enough for you, then get out of it while you can! Say goodbye to your boss and taste the joys of self-employment! As the saying goes, life starts at 40!
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