The majority of Americans have their health insurance coverage through their employers. Health coverage coverage provides a valuable layer of protection for both your health and your finances. If you are self-employed, however, your alternatives for health coverage may be much different. While it can be tempting to save money by skipping coverage, this is hardly ever the best alternative. Even if you are young and enjoy good health, a single accident can change the course of your life and your finances in an instant.
A trustworthy health coverage plan that can provide coverage for routine exams or major medical events is a need for self-employed individuals and their families. It can provide an essential safety net that can prevent you from joining the hundreds of thousands of Americans that file for bankruptcy every year. In fact, a self-employed health insurance policy may be just as important to your financial health as your retirement account, and it may definitely be more important to your physical health.
When looking for a self-employed health coverage plan, you should look for a plan that offers benefits you really need. If you do not need or want maternity benefits, there is no need for you to purchase a pricey health policy that offers them. If you do regularly use chiropractic or acupuncture, it may be worth the investment to spend a little more to purchase a plan that offers those benefits.
Health coverage can be an investment regardless of the type of policy, so doing your research prior to shopping can help you avoid sticker shock and help you better understand your limits and prepare a budget. You will need a policy that will pay for the medical care you and your family needs whereas protecting you from the financial pitfalls of inadequate coverage.
One option that can help you save on your health coverage expenses as it minimizes your tax burdens is the high-deductible health plan, or HDHP. An HDHP can be combined with a health savings account, which can be funded with pre-tax dollars. The HDHP, as its name suggests, has a high deductible, which can help you save on monthly premiums. Your health savings account can be used to pay your deductible and other qualified health care costs.
Another affordable option for self-employed individuals is managed care. Health maintenance organizations and preferred provider organizations are two of the most popular managed care insurance options available nowadays. They offer rich benefits at a reasonable price. In some cases, you may even be able to locate a group health insurance option, particularly if you are a member of an organization. Check with self-employment organizations or your local chamber of commerce for recommendations, or talk to an insurance professional in your area.