Many self-employed individuals believe that health insurance is out of their reach, leaving them vulnerable to spiraling medical costs. These 5 tips will help self-employed folks reconsider their options when it comes to health insurance.
First of all, it is not only possible to buy health insurance when you're self-employed, it's absolutely critical ... afterall, your health is one of your most important business assets.Here are a couple of things to keep in mind as you shop for your best health insurance plan. And remember, when it comes to health insurance, there is no one-size-fits-all policy. You'll need to consider your individual circumstances as you compare options.
1. If you're relatively healthy, consider a high-deductible policy that covers only catastrophic events, such as surgeries and major injuries. The premiums are much lower than traditional health insurance policies, but that means you'll be paying out of pocket for check-ups and minor medical care.
2. Take advantage of the HSA (Health Savings Account) that allows you to put pre-tax dollars into a bank account and use the money later to pay for your medical care. An HSA can either be a stand-alone insurance plan, or you can combine it with a catastrophic policy and use your HSA funds to pay for the medical care not covered by your insurer. (Remember, you don't buy an HSA from an insurer, you set one up yourself with the help of your accountant.)
3. If you want more coverage than the catastrophic policy offers, consider a comprehensive policy and then choose the highest possible deductible that you can afford, even if that deductible would be a financial stretch. The dollars you save on the premiums will likely exceed the deductible in the long run.
4. If you choose to go with a comprehensive policy, make sure it doesn't include coverage you don't need like: pregnancy, mental health, chiropractic or unnecessary prescription drug coverage. On the other hand, if any of those coverages are important to you, ask your insurer to include them in your policy.
5. Consider a supplemental insurance policy to help cover your deductibles and out-of-pocket medical expenses that aren't covered by your primary insurance policy. This type of policy can even pay a cash benefit is you are unable to work because of illness or injury, an important feature for the self-employed.
By deciding up-front what type of insurance is best for your situation, you'll feel more confident as you shop for the best policy.
If you would like to learn more about health insurance for the self-employed, please visit the website recommended below.
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