Self Employed Short Term Disability
Self Employed Disability Insurance
Self employed disability insurance is a reality. Don't fall for the myth that only people working at large employers can get adequate coverage. Consider your needs, and look at three options:
Look for coverage based upon your objectives. Policies are sold directly to individuals but with key limitations. Some insurers will issue policies to contract workers via their agency - a subtle distinction that allows many women to get coverage for normal pregnancy.
Self Employed Disability for Pregnancy
Self employed short term disability for pregnancy and maternity leave does not make business sense for insurers. So they don't sell policies with maternity benefits directly to individuals or the self employed. But there is an easy way for many self employed women to get disability insurance coverage.
Self Employed Benefit Eligible Contractors
Many self employed people think their company is too small to qualify to be offered short term disability insurance coverage. Several insurers will offer coverage to groups with as few as three benefit eligible employees.
Contract employees count towards the total, so if your company sub-contracts work out and you are willing to offer short term disability coverage to your sub-contractors, you can get insurance coverage for yourself.
As the business owner you are in control. It's your decision on whether to offer payroll deduction support to your contractors. You may even find that it helps to attract and retain your contractors if you can offer voluntary benefit programs like short term disability and other supplemental coverage options.
Self Employed Disability for Contract Workers
Many self employed people are working as contractors or 1099 employees. They are paid by a larger company, or several companies, that do not exercise direct control. This is often the case in a variety of industries: therapists, computer programming, healthcare, and many more.
Many self employed people are eligible for short term disability coverage through one of the companies they contract with - but they just don't realize it. As long as the company is willing to deduct the premium from your payments and forward your premium to the insurance carrier, you can get coverage. It's that simple.
Health Insurance Gap Filler for Self Employed
Finding adequate health insurance coverage can be very difficult for many self employed workers. The best plans are always found at employer groups, so if your spouse is working, that will almost always provide the best option. Don’t dismiss what might seem like high premium costs from a spouse plan, be sure to factor in pre tax savings on your premium.
If you can’t get coverage through a spouse you may be left in a tight spot. Your plan options may be high-cost, come with a big deductible and/or copayments. Rather than pay extra for a plan that makes payments to providers, fill that hole with short term disability. If you need medical care, there is a good chance that your income will take a hit as well. Insure what you can.