Health Insurance – Tips on Coverage for the Self EmployedNovember 6, 2019
Healthcare coverage is most often through employers, where group plans are made affordable for large groups of people when the company negotiates a health insurance plan with the health insurance provider and passes it along to their employees. This is typically the most common and the most cost effective way to have quality health coverage. But what about those that are self employed and must find their own health insurance plans to purchase? How can they get quality health coverage at reasonable prices?
Self employed people must first realize the importance of having good health coverage, especially if there is a family with children or members with chronic health issues involved. There are ways to customize health plans so that the consumer is only paying for what they really need in terms of coverage while keeping the premiums affordable. One thing that can be done is the self employed consumer can examine the health plan and opt out of some of the coverage options that they do not expect to need very often. What those options are depends on the needs of the insured and the family they are responsible for.
By increasing the overall out of pocket amounts, accepting a higher deductible plan, consumers can bring the cost of the health insurance monthly premium down to a fairly low level. This results in higher out of pocket costs but it does keep the overall health insurance cost lower. Cheaper premiums can also be had by choosing a health plan in which the premium costs are very low and the coverage is minimal. This type of health coverage will cover only major medical expenses such as hospitalization for serious illness or injury.
Insurance companies have many options that a self employed consumer can take advantage of in order to keep their health care coverage costs lower, it is just a matter of what coverage options the family needs to keep in place. Consumers can choose to open a medical savings account where part of their paycheck will go into a tax deferred saving account that will then be used to cover medical expenses as necessary. If this is combined with a discount health insurance policy that has a high deductible, it can help bring the overall cost of healthcare coverage down for the self employed consumer. There are ways to cut health plan costs if one knows where and how to look for them.