Health Insurance for the Self-Employed 1-2-3
Self Employed Health Insurance Coverage
Your self-employed business could be a one-man show, a husband and wife team or one that employs a handful
of people. In the first two cases, an individual policy or a family health insurance plan may be recommended
unless you belong to a relevant organization.
If you feel that your business is likely to expand in the near future, you could take out a short-term
policy and wait until the situation changes before deciding on the type of coverage you need.
The cost of a temporary policy is normally less than $100 per month. The premiums of self-employed health
cover are tax deductible.
If you employ two or more people, it is considered a combination of self-employed and small business, and
you may qualify for group insurance. This insurance would cover you and your employees, and the premium could
be 100% tax deductible. Employees could also save on pay-roll taxes.
The National Association for the Self-employed will give good advice as well as formulate a good health
coverage plan to insurance companies, agents and members of their organization. According to their specific
requirements, employees could take supplementary coverage if they choose to. It is not compulsory for the
employees to join, but there must be a minimum of two participating to be eligible for group insurance.
You can save money and service charges and may even get discounts if the premium is paid annually up
front.
The business of health insurance is undergoing many transformations, and your personal requirements and
business conditions may change. Therefore, it is wise to review your healthcare coverage annually and update
it. Remember, that group plans are cheaper. By joining an association of self-employed, you can take advantage
of this. Before adding additional health coverage, check whether the main policy covers what you need.
If you opt for higher deductibles, the premium would be lower. A deductible is the amount you must pay
before an insurance company pays your medical bills.
Before buying health insurance, check provisions relating to pre-existing conditions. Always chose a policy
that does not take long to become operational.
Health Insurance Coverage provides detailed information about health insurance coverage,
individual health insurance coverage and more. Health Insurance Coverage is affiliated with Individual Health Insurance Quotes.
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Shopping for Health Insurance: What You Need to
Know
Between the rising cost of health insurance and numerous types of policies, shopping for health insurance
can seem like a daunting task. So how can you sort through all the chaos and find a policy to safeguard your
health and maintain your budget?
Preparation and Education
Knowing the type of coverage you need before you begin comparing policies will make this task far less
intimidating come shopping time. You and only you can identify the types of coverage you’ll need--from
prescription drugs to covering pre-existing conditions, identifying your needs will help you to avoid
purchasing more than what you need.
To learn more about the types of plans and benefits available in your area, contact the Division of
Insurance (DOI) in your state. This underutilized resource is geared toward consumer protection and education
and typically has downloadable articles and brochures to help you make informed decisions about your health and
health insurance. And, when it comes to buying health insurance, knowledge is power!
Shopping Around
In most states, there’s no flat rate for health insurance policies. This means different insurers can sell
similar policies for very different prices. While price disparities may seem like more work for you, these
variations are really to your benefit. Obtaining and comparing multiple quotes and policies allows you to
select a plan that meets both your health and financial needs.
So what exactly should you be comparing when shopping for policies? Here are a few major questions to
ask:
- How much is the monthly premium?
- What’s the deductible?
- What percentage of expenses is reimbursed after the deductible has been paid?
- Does the policy cover all major medical expenses, including maternity costs?
- Does the policy shoulder any costs for prescription drugs?
- What coverages are included in the policy?
- Does the policy cover chronic or pre-existing conditions?
- Does the policy cover preventative care?
- Are the doctors or facilities you frequent inside the insurer’s network?
- How much will it cost you to be seen by someone outside of the insurer’s network?
- Does the policy cover alternative treatment, such as acupuncture and chiropractic care?
While you will undoubtedly think of additional questions to ask, the questions above will help you to
quickly stack different policies against one another—and get an idea which plan is right for you.
Protecting Yourself
As with all forms of insurance, it’s a good idea to investigate your insurer before signing a policy. You
can check your agent’s credentials, as well as the insurance company’s customer satisfaction rating and
financial standings through consumer-friendly companies like AM Best and the Better Business Bureau. Doing a
little detective work before choosing a policy will save you the cash and heartache of dealing with an
unreliable insurer.
You can also protect yourself by making sure your policy contains a free look period. Most reputable
insurers will give you a 10-day free look period, which allows you to revisit the provisions listed in your
policy. If you change your mind about the policy during the free look period, you are entitled to a full refund
and the policy will be cancelled.
Always ask the insurer if the policy has a free look period. If not, you're probably
better off purchasing a policy from someone else. And remember: use your free look period to go over every
detail of your policy. You won’t want any surprises when it comes time to file a claim!
Start Small
When it comes to purchasing health insurance, remember to start small. Get the facts from trusted sources,
determine your needs and shop around for the best policy. Taking things one step at a time will prevent you
from feeling overwhelmed by the task at hand—and help you choose the best policy to protect your health!
Megan L. Mahan is a copywriter and insurance information expert with InsureMe in Englewood, Colorado.
InsureMe links agents nationwide with consumers shopping for insurance. Specializing in auto, home, life,
long-term care and health insurance quotes, the InsureMe network provides
thousands of agents with insurance leads every year. For more information, visit
InsureMe.com.
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