Insurance Alternatives For Self Employed People

Are you underinsured or worse still --- uninsured? Whether you work for someone else or work from home you need to have adequate access to medical treatment. Those who work from home should be very careful about their health. When you have a home business, you cannot call in sick and as your own employer; you need to look after your medical benefits. If you are tired of either going without care or tired of paying extremely high prices for health care, there are other options for you, even if you work from home.

Self Employed Health Gaps

It's a known fact that self employed people can be in big trouble if they become ill. They believe they cannot afford to get sick and as a result will often neglect their health when feeling run down. Many self employed people cannot afford traditional medical insurance and as a result can suffer some financial hardships if they become unexpectedly ill.

Home based workers or self employed people tend to not take time to heal because they need their business to run like clockwork and this can result in becoming more ill and run down over time. No one is there to cover for you and it's worse than just a day of lost wages, it can be a lost client which can be detrimental to your business. Business contingency plans are something that you need and one thing you truly need to be sure you have is proper health insurance. Proper insurance or access to deep discounts can put your mind at ease and help you in your pocket.

It's necessary for you to have access to dental care and you need to be adequately protected in case there are large medical expenses that come up. It can feel like a daunting task to find affordable health insurance but there are plans out there that are specifically designed for those who work from home so that you can take care of your family and yourself so you're better able to take care of your business.

Discount Dental and Medical Plans

You can find discount health plans and discount dental plans that enable you to take care of yourself without worrying. You can save significantly when you get into a plan designed to give you maximum affordability while giving you access to a discount plan for medical, dental, vision care and more.

There are a number of plan options available that can help you take care of your health and the health of your family. There are singles' plans, family plans and group plans for small companies that can help you save significantly on the cost of medication, dental procedures, emergency procedures, vision care and other expenses that might otherwise have a bad impact on your finances or leave you in a position where you're unable to get the care you need. Take the time to learn what's available to help you so you can successfully run your own business and live a healthier and more vibrant life.

Lyndell Smith is the Founder of HCMA Benefits Group a company that helps families and self employed individuals get the Health care coverage they need. For more information visit http://www.agoodwebsite.com

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Things You Should Know Before Purchasing Individual Or Family Health Insurance

Why Should I Review My Individual or Family Health Insurance Plan?

The bottom line as in all insurance plans is to protect you and or your family from devastating expense should there be an illness or accident requiring medical expense. Many consumers are able to obtain health insurance through employer sponsored group plans and in many instances this may be the best route. However not all employer plans are ideal and as such many are
to comprehensive for your entire family making the premiums much higher. Unless the employer covers the entire cost for you and your family you actually be paying a higher premium than you could obtain buying individual health insurance on your own. In other words suppose that you have a fully comprehensive corporate sponsored health plan that is fully funded by your employer.

If you then chose to add a family member to that same health insurance plan your employer may not cover any of the cost for those members and in turn you may be grossly overpaying for family health insurance, and should at least do some shopping and compare plans from outside of the corporate sponsored plan to see if you could obtain sufficient coverage for your family for less.
Additionally self employed workers should consider an individual health insurance plans or a family health insurance plan. In recent months many people have lost their jobs, and experienced transitions in the workforce causing many to lose their employer sponsored health insurance leaving both them and their families without crucial coverage. Many cannot afford at the exorbitant cost of a COBRA plan they are offered when the leave an employer and may go unprotected for a few or many months while seeking employment. Most insurance companies now offer Short Term Medical Insurance also know as Temporary Insurance as an alternative to COBRA these plans can be purchase from 1 to 12 months to cover the in between employment transition time.

How Can I Determine What I Want in a Health Insurance Plan?

There are a few variables to consider when determining what plan will work best to suit your needs. You must determine what features are important and how comprehensive you want your plan to be. Would you prefer a plan that includes co-pays for doctor visits and medications? Would you prefer a plan that pays everything from day one, or a plan that has coverage for a major medical expense but offers low premiums and tax advantages. Let's break this down a little further.

Fully Comprehensive Plans - These plans usually have a choice of deductibles once they are met the insurer will cover the first dollar of all medical expenses these plans are usually considered the Cadillac and will have the most protection for you and your family from day one but will also be reflected in the premium cost.

Co-Pay Insurance Plans - A insurance plan that will pay just a fixed amount of the cost of prescriptions drugs and Doctor Office visits. Some insurance carriers provide a discounted co-pay plan that limits the plan to two Dr office visits per year.

Coinsurance Plans/ Major Medical Insurance - This is a middle of the road plan that typically has a higher deductible of your choice ranging from $1000-$5000 that requires you to pay for all medical expenses until the deductible is met then pay 20% of all treatment and the insurer pay 80%. These plans are only a good choice for those who prefer to exchange a lower premium for covering more of the initial cost of routine medical expenses (co-pays, Dr. Visits) and just want the coverage for any major medical issues or accidents.

Health Savings Accounts (HSA's) - This plan is like a self managed insurance that offers low premiums combined with high deductibles, the insurer pays 100% of expenses after the deductible is met . The insurer sets up a tax sheltered savings account for you where the money can grow tax deferred to use for covering your deductible. The account comes with a debit card to use for office visits and prescriptions. This plan goes with you wherever you go and is owned by you. The premium savings can be huge but it is important to contribute to the plan consistently in order to cover your deductible in the event of a major medical expense. These plans are gaining popularity with self employed and even corporations as an alternative to high insurance cost. The benefits are one deductible per family per year, low premiums, tax savings, and more control over insurance expenditures.

Keep in mind that insurance companies will combine different features of the plans above to offer different ranges of premiums. Most plans will allow for you to choose a coinsurance amount from 0 to 50% where you choose the portion of all medical expenses you will pay after you pay the deductible. Other options are deductibles themselves which range anywhere from $500 to $5000 dollars before the insurance coverage kicks in. Many rider options may be available as well such as a maternity rider, dental, life insurance and the Health Savings Account also offers an Indemnity rider should you have a major medical expense before you have accumulated enough cash in the HSA to cover the deductible.

Where Should I Purchase Health Insurance?

Most any reputable Licensed Agent can help you, most people research rates and options online these days and can run a spreadsheet from most agents' website. You can usually choose what features you want on the plan such as deductibles, co-pays, coinsurance, and plan type this will help you narrow down the options presented to you then work backwards from there.
Regardless of what any agent may tell you the rates are set by the carriers.

You will find the same rates with the same providers everywhere and in fact when you apply online you are actually going direct to the carrier. You should stick with carriers that have a high Rating with A.M. Best or Standard and Poors which rate Insurance companies on the financial strength and ability to pay claims. Avoid companies that offer plans with rates that seem to low compared to other health plans, plans that accept you even if you have serious preexisting conditions or major illnesses, plans that claim to not be regulated by the state and plans that avoid calling the plan insurance. Most importantly do your homework and speak with an agent if you are unsure what plan suits you best.

Chris Beard is a virtual insurance agent providing automated online and tele-service insurance services to protect Florida families with health insurance, HSA's, life insurance, and short term medical plans. Visit his web site for more information on Individual and Family Health Plans. http://www.trinity1financialgroup.com.

Instant online quotes: Individual Health Insurance Quotes

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