More than ever before, Americans are freelancing and starting their own businesses. Some are doing so as a result of the economic downturn leaving them without jobs, while others are following their entrepreneurial dreams. Many others are considering going into business for themselves, but are worried about buying group health insurance without a company’s backing.
Sole proprietors who work over 24 hours per week on a regular basis and have generated significant income for at least one year are eligible for group health insurance plans in many states. These states allow businesspeople to buy cheap group health insurance for themselves. Like companies of various sizes with group health insurance, these plans are often guaranteed issue. This means that a sole proprietor cannot be rejected for coverage due to pre-existing conditions. Other states will consider “business groups of one” in their own rating pool, making denial of coverage possible.
Saving money on your business is important for sole proprietors. Therefore, group HSA plans may be the best option. Group HSA quotes are very affordable, since the higher deductibles make premiums inexpensive. Health savings accounts allow you to deposit pre-tax income, and use it for approved health-related expenses. If you are in good health, group HSA health plans are the best group health insurance to pick in order to reduce overhead expenses.
