Self-Employed Health Insurance in Illinois
Illinois has the fifth strongest economy in the US, and is continuing to grow strongly in a number of areas. The combination of this growth with a rapidly increasing population has created an exciting place for the self-employed entrepreneur. While the self-employed have the freedom to work for themselves, they also have the sole responsibility to provide a safety net for themselves and their families. Their family’s welfare and their business depend on their health. Insuring that health is a vital business expense. Fortunately, there are many economical health insurance policies available.
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Illinois Health Insurance Information for the Self-Employed
Self-employed Illinois residents should ask about these criteria when shopping for a health insurance policy:
- Do you need a policy just for yourself or also for dependents?
Affordable, comprehensive polices are available that offer a full range of family health insurance needs. - Do you belong to a professional association?
Many self-employed individuals belong to or can join a business or professional guild or association. Many of those groups have formed insurance pools that can offer group rates for health insurance. - Do you also need to have a policy for a few employees?
In a small business, every employee is vital to the success of the business. Adequate health insurance can help keep this small workforce healthy and dependable. Also, turnover can be devastating, and finding a benefit package to keep valued employees is crucial. While, many small business insurance plans are for larger groups, there may be an economical plan that meets all your business insurance needs, including your health insurance.
Options for the Self-Employed:
- HSA with a high deductible: Cover you in case of a major emergency. You may want to pair this policy with a health savings account to pay any out-of-pocket medical expenses for preventive care. If you are young, healthy, and just starting out in your business, this type of policy can avert disaster. A more comprehensive plan can be added later.
- HMO: This managed health care insurance lets your primary care doctor guide your health care. Policies focus on preventive care and have low out-of-pocket expenses—good if you have a young family and don’t need any expensive health care surprises.
- PPO: Gives you the freedom to choose treatment both in and out of a preferred network. You also may choose a combination of co-pays and deductibles that will fit your budget.
