Is (Lack of) Insurance Preventing You From Becoming Self Employed?

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Is (Lack of) Insurance Preventing You From Becoming Self Employed?

We’re practical folks. When contemplating a freelance career, it can be tough to get over the hurdles of the benefits you don’t get.

Employer-subsidized medical insurance.
Employer-paid vacation time.
Employer-paid PTO days.
Employer-paid holidays.

Sometimes knowing you won’t have these automatic benefits is enough to squash your dreams of becoming self employed and starting a business.

But, they shouldn’t.

Saving for time off isn’t tough. It just takes diligence, a budget and accepting that you don’t get two weeks a vacation when you first start out.

But, health insurance is a valid concern.

The other day I was talking with a colleague and she felt not having a health insurance benefits package is the ultimate road block that makes people stick with traditional employment. Going to the doctor is expensive. And what if you get into an accident or have a chronic illness? Yikes. The medical bills would pile up.

Thankfully freelance professionals have several options when it comes to insurance coverage. However, it can be pricey. Since you don’t have an employer absorbing some of the cost or negotiating a group rate, you will notice higher premiums.

I feel some coverage is better than no coverage when an emergency strikes, right?

If you’re thinking of taking the plunge into the freelance, self-employed, small business lifestyle, and aren’t able to get insurance coverage through a spouse or secondary employment, look into these options.

  • Freelancers Union: Put together a package that includes individual health coverage, term life, disability, retirement, dental, liability and travel medical insurance.
  • Society of Professional Journalists: Members are eligible for a variety of financial services including life insurance, disability income coverage, long-term care insurance, retirement solutions and liability insurance.
  • Insurance Companies: You can also approach insurance providers directly and request a quote for individual or family coverage. One of my family members works at a small office where health benefits are not offered and she buys her own coverage directly from Blue Cross Blue Shield.

Don’t let insurance keep you from pursuing a dream career as your own boss. With some planning and research, you can get insurance coverage when becoming self employed.

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