Health Insurance Tips for the Self-employed

Health insurance goes beyond simply providing access to medical services; it also gives you access to lower premiums negotiated between insurance companies and healthcare professionals, and reduces financial responsibilities in case of injuries and accidents …

Health insurance goes beyond simply providing access to medical services; it also gives you access to lower premiums negotiated between insurance companies and healthcare professionals, and reduces financial responsibilities in case of injuries and accidents which could potentially force bankruptcy proceedings against you. My Private Health Insurance offers major medical health insurance solutions to families, individuals and companies of all sizes.

If you don’t already have health insurance and/or are searching for lower-cost options, here are some money-saving strategies:

Comparison shop

To ensure you purchase the appropriate health plan that fits both your budget and needs, a comparison of options in your local area is key. Purchasing direct from insurance providers might make sense in certain instances but may not provide information on how their plans stack up against those from competitors. When shopping through licensed agents such as you can compare plans from leading carriers in your area as well as read customer reviews while applying for coverage – prices set by state insurance departments ensure an exact monthly cost regardless of whether purchasing online or offline!

Lock in your rate

As you purchase individual health insurance for yourself or your family, keep in mind that the insurer could potentially increase the monthly premium cost. One way to temporarily protect yourself when shopping for health insurance is to look out for companies offering rate guarantees, with licensed health insurance brokers helping to identify which providers do so. Some companies will automatically guarantee your rate for the initial year of insurance, while other may provide the option of locking it over an extended period at an additional monthly cost. For instance, one may offer rate assurance initially for 12 months but extend it up to 24 months when paying an extra $11 monthly fee – be sure to calculate this cost to ensure you’re saving money rather than risking an increase that would make insurance prohibitively expensive!

Deduct your health insurance premiums at tax time

Depending on your state of residency, self-employed taxpayers may be eligible to deduct health insurance premiums you pay themselves and dependents as “above-the-line costs for business (that do not require itemization) on their Federal tax returns. You should note, however, that deducting these costs won’t work during months in which an employee-sponsored health plan allowed participation, while deductions cannot exceed your net self-employment income for the year. When in doubt consult an experienced tax professional regarding different forms of self-employment as well as their tax implications within your state.

Take a look at HSAs

An HSA is a tax-deferred savings account designed for use with eligible HSA health insurance programs, making them a suitable option for working professionals for various reasons. These plans typically offer higher deductibles but lower monthly premiums than other plans, and allow you to put part of your pretax income into an interest-bearing savings account that earns tax-free interest that you can then use toward qualified medical expenses like co-pays and deductions without incurring tax liabilities – and, if left unused, remain tax-free until used later!

Visit to explore your health insurance options and get free quotes for plans available to you in your region.

Picking a health insurance plan: top questions to ask

Will this health insurance plan help me save money if I’m healthy?

Imagine this: your plan enables your household and you to enjoy an excellent health year together. Your plan enables multiple trips to the doctor for checkups, prescription for your spouse and visits to urgent care for children; in all that time you visit them several times and use their urgent care services occasionally – and all is good with health! That’s it – no more worrying.

If you plan to utilize your plan only occasionally, take note of recurring costs to see if there’s any opportunity to save money. It can be hard to anticipate unexpected medical emergencies so make sure to include costs associated with seeking care when necessary.

Will this health insurance plan be affordable if I’m sick?

Imagine this: you contract an infection and are hospitalized, prompting your partner to increase his prescription list, your child suffers a fracture during practice and you get sick with an infection such as Strep or even MS. In such an unfortunate scenario, using your plan frequently would likely save lives and protect the finances.

Predicting situations where healthcare will become necessary can be hard, so it’s essential that your insurance plan will allow you to afford care should the need arise. Achieve an equilibrium between those costs you plan for (such as premiums and deductibles, out-of-pocket limit etc.) and those which arise only when needed (copays/coinsurance payments etc).

Are my doctors covered by this plan?

Health insurance companies work in collaboration with clinics and doctors to offer you affordable health care, which could mean having care from professionals affiliated with your plan is more likely to save money and reduce expenses than getting care elsewhere; thus it is important to verify if the clinics or doctors you plan on visiting are covered under any health policies under consideration.

Will this health insurance plan make it easy to get care if I’m sick?

Assuming the pain of sinus infection can be unbearable. Should this ever happen to you, treatment must be fast and accessible – to get better quickly. With that in mind, plan now so that when signs of illness start manifest themselves you know exactly where and what steps to take immediately.

Is it easy to get support and advice with this plan?

Health insurance can be complex and it’s easy to feel overwhelmed during the application process and reception of care. Signing up for plans, finding clinics near your vacation accommodations or seeking medical attention before 3 am can all become daunting tasks; to keep things manageable it is essential that members can find plans with user-friendly support systems that make their support straightforward and straightforward.