When You Work For Yourself, Health Insurance Is Not A Luxury


Going into business on your own can be a big gamble. The rewards are many – financial, personal, professional. But the risks can be intimidating. There’s a fine line between necessary expenditures and those that may be an unhelpful burden.

Here’s a bit of advice, however: don’t raise the stakes for your future success any higher by starting out uninsured.

You may be on a tight budget. You may think health insurance is a luxury you can’t afford. In fact, the primary purpose of health insurance is to protect your financial future against crippling medical costs that may arise from unexpected illness or hospitalization.

The truth is, if you’re a freelancer, consultant or sole proprietor, you can’t afford to go without coverage.

Health insurance protects your finances

  • It entitles you to discounted rates for medical care – Insurance companies negotiate rates with health care providers. Without coverage, the fee charged for a regular office visit can be twice as high.
  • It shields you from unexpected medical costs – Even if your health plan requires you to pay certain costs out of pocket, being covered can help save you from bankruptcy in case of injury or hospitalization.

Health Insurance Protects Your Health


  • It improves your access to quality care – As a member of a health insurance plan, you have access to a broad network of health care providers.
  • It provides you critical care – While uninsured patients will often get emergency-room care and be billed afterwards, they may not get ongoing care for a life-threatening chronic condition without an up-front payment.
  • It encourages a healthier lifestyle – You may be more likely to take advantage of regular checkups and preventive care if you know it won’t cost you an arm and a leg.

Health insurance can protect your business too

For example,

  • It shields your business from personal medical costs – As a self-employed person or small business owner, unexpected personal medical expenses can cripple your business. By limiting your personal liability for medical costs, health insurance can help keep your business afloat.
  • It helps you hire and retain the best workers – Employer-sponsored group health insurance coverage is a valuable enticement in a total compensation package.

All in all, investing in a quality health insurance plan is among the best things you can do for your business.