Health Insurance Options If You Are Self-Employed
Imagine running your booming business, and suddenly, you get sick and spend almost all of your income to pay for your hospital needs because you don’t have health insurance to cover the hospital bill. In a blink of an eye, you could be bankrupt.
Having health insurance these days should be a necessity. Others would think twice whether or not they really need it, but having health insurance should be included in your budgeting priorities. The truth is, people are just worried at the sky-high cost of health insurance. Nevertheless, the federal government has a bill that will ease the cost for those that are self-employed.
Given the fact that health insurance is indeed pricey, you can consult a health insurance broker or agent and discuss different kinds of health insurance that will fit your allotted budget and income.
But first, there are things to consider in choosing a health insurance.
Be mindful of reporting your income. The bigger your income, the bigger payment you would need for your health insurance. Being self-employed, you must be careful in reporting your overall income capacity per fiscal year. Make sure that you are being honest when filling out this specific detail.
Every state has a different local law for healthcare insurance due to federal state law. Make sure that you educate yourself on the law covered by your state.
Health care insurance providers tailor their price for every individual based on one’s financial capacity so the individual doesn’t break the bank in acquiring one. Moreover, you don’t want to have low-cost health insurance for it will also give you a low-cost benefit.
Span of Coverage
There is long-term plan insurance and short-term plan insurance. Though the decision will be up to you, if you compare these two plans, they will look the same and only differ on the length of time. However, long-term insurance is more preferable if you talk about your health. This plan will ensure that you will be covered for any life-changing events i.e. an accident that will lead to disability. Short-term insurance is mostly advisable for possessions such as a car.
Types of Insurance Plan
Here are the different types of health insurance plans you need to be aware of:
HMO (Health Maintenance Organization)
This insurance offers a little bit of medical coverage but is an affordable insurance plan. However, it comes with a lot of restrictions. You will enter into a contract with the HMO and will agree to pay a certain premium in order to cover healthcare and facilities you might need.
PPO (Preferred Provider Organization)
Practically, this is the best and most popular individual insurance. This plan is flexible and allows you have to have any physician or healthcare establishment without the arduous journey of referral system. Though it is a little bit pricey than HMO, it has a lot of coverage and has minimal restrictions.
HSA (Health Savings Account)
This could be the best option for those that are self-employed. You will pay your own health insurance in the form of savings. You may set aside an amount in this personal account that can be used for paying a health care expenditure and other out of the pocket expenses you may have.
This is an insurance designed for people who solely work for themselves or “self-employed.” You will need a lot a legal requirement for this kind of insurance though, but it will allow you to be covered for any future health care uses.
In the end, it is you up to you to decide what insurance to get. The most important thing is you are insured. Why would you want to be insured? Imagine all the expenses you may have for a single visit to a doctor, eye correction, dental appointment, and many more. Also, insurance is a sort of guarantee in case of an emergency.
Make sure to look into each plan and compare what will best suit your needs. Remember that health is wealth. Do your homework so you may be able to keep your most valuable asset which is your health. You may also talk to a health provider to get insights and to better understand the different insurance plans. Getting health insurance is an investment you will not have any regrets of taking on in the end.
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