Self-Employed Health Insurance
Self-employed health insurance is a necessity for individuals who are independent contractors or self-employed. Millions of adults and children in America are living without health insurance. This is extremely risky considering the high cost of health care. Of course, because of high premiums, many people do not have many alternatives. On average, a family of four can expect to pay a monthly premium of approximately $400.00 – sometimes higher. Individuals who receive health care coverage from their employer are at an advantage. Employers generally pay a portion of monthly premiums. However, the high cost of health insurance should not force self-employed individuals to be without coverage.
Fortunately, there are ways to obtain inexpensive health coverage. Self-employed health insurance is offered by several companies. In fact, some companies even advertise lower premiums for self-employed persons. Still, monthly premium amounts will vary. The price of health insurance is dependent on the type of coverage, medical history, and the number of dependents. For example, a single person in good health can expect to pay a low premium, whereas a smoker with five dependents can expect to pay higher premiums. Nonetheless, self-employed health insurance is considerably cheaper.
When choosing self-employed health insurance, it is important to compare premiums and coverage for several different plans. Before purchasing a health plan, make sure that you fully understand the policy. What is the co-payment? What is the deductible? Does the plan cover maternity, physical therapy, long-term care, etc? Fortunately, self-employed health insurance is not a contractual agreement, thus coverage can be terminated at any given time. Still, it is vital to know what is covered. Therefore, you avoid paying out-of-pocket for medical services. Individuals who cannot afford a health insurance company might consider obtaining a medical savings plan. This is not insurance; however, a person can receive discounts on certain medical procedures and medications.