Being Self-Employed doesn’t mean you’re Doomed with Health Insurance.

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Being Self-Employed doesn't mean you're Doomed with Health Insurance.

Being Self-Employed doesn't mean you're Doomed with Health Insurance.

The world of owning your own business or being an entrepreneur has its benefits. We’ve all heard the mantras “be your own boss”, or “make your own hours”, or “unlimited earning potential”. The mantra we don’t hear is “entrepreneur’s health insurance is costly” or “entrepreneurs with families have fewer health care options”.

Option one and the best option for entrepreneurs with families is to set up a group plan for your venture or business. Size doesn’t matter to get the plan. Size does matter on premiums for group plans. A husband and wife can own and manage the company, or you can have many employees; however, as long as the entity is properly formalized with your state (see below) then a group plan option exists.

If you haven’t already formalized your entity, then business formation is the first step before you talk to a licensed Georgia health care broker. Talk to your accountant and determine which structure is right for you in your state. You will be able to choose from corporation, partnership, limited liability company, professional corporation and more depending on your state. A new entity can be formed in one day and many states have “do it yourself” packages.

Your entity will then need a FEIN (IRS issued tax ID number) and a DUNS number issued by Dun & Bradstreet, as these numbers are used in group applications. Again, both of these numbers can be obtained for free in one day. Get your FEIN directly from the IRS for free at https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online, and get your DUNS number for free from Dun & Bradstreet at https://www.dnb.com/duns-number/get-a-duns.html.

Once your entity is formed it is time to connect with a well-qualified, licensed agent. The plans available to businesses are typically preferred provider plans (PPO) and will allow you to be reimbursed for care all over the country. The fewer members of your “census” or the number of health care qualified employees and family members then the more costly the PPO plan will be. For small entrepreneurs these plans tend to be costly; but, be prepared to get what you pay for!

The final option and a rising favorite among many young entrepreneurs with families is to become a member of a health sharing plan or network. These plans are unique, quite affordable and ACA exempt (so you don’t have to pay fines to the IRS for not having insurance). The good news is the health sharing plans use a national PPO network which allows you to be covered for health care anywhere in the country. This type of plan is much less expensive than traditional insurance – especially for those without pre-existing conditions.

The Health Sharing plans offered by Georgia Insurance Brokers Affordable Care Act (ACA) approved and covers “MEC” (minimal essential coverage mandated by the ACA). This means the health sharing network covers all of your preventative care at no additional charge. Your physicals, mammograms, pap smears and colonoscopies are all covered for free in the health care sharing network offered by your Georgia health brokers!

With any insurance or health care plan, there are some caveats within each company or policy: however, a qualified licensed Georgia insurance broker can easily help you navigate through your options. Georgia Health Insurance brokers help you through the process of learning and exploring options to best fit your family and your needs. at process.

At Atlanta Health Brokers, we thrive on helping people find the best possible health insurance plan for their individual and specific situation. We are licensed brokers, trained and certified to help entrepreneurs, individuals, and their families find the best health care plans at the most affordable price. Remember, there is never a charge to clients for the services provided by licensed Georgia insurance brokers.

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