Self Employed Medical Insurance Tips

If you’re looking for self employed medical insurance, you need to make sure you know what you’re getting before you commit to a policy. Make sure you read this post and some of my others to get the information you need. If you’re ready to shop for health insurance now…

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The first thing to check out is if you can get access to a group plan. If you are of 35, or a smoker, or have pre-existing conditions, being part of a group plan can save you a lot of money over and individual plan.

Obviously the easiest way is to get it through work. Even some part-time jobs will provide coverage. But if you’re self-employed, this is obviously not an option. Unless of course, you have many employees and create your own group plan. The other option is to see if you can get into a group plan through an association that you are part of or can become part of. Sometimes your University’s Alumni Association will have a group plan. And yet another option is to go back to school and become part of their group plan (or get a student discount).

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If a group plan is not an option, or you don’t want to be in a group plan (here are the benefits of individual health insurance policies), then an individual insurance plan is the way to go.

Tip #1: Understand why you are getting insurance. Are you getting it for the routine expenses or for emergencies? If you’re getting it for emergencies, think about paying less by raising your deductible. If you’re getting it for routine expenses, think about lowering your copays or paying less for prescription drugs.

Tip #2: If you’re not somebody who goes to the doctor often, you can potentially save money with a PPO by not having to get a referral to go to a specialist (think about it for a second). This will also give you a wider network of doctors to choose from.

Tip #3: Lock in your price for as long possible. You can only lose by having your premium increased every year. Because if something happens within a 5 year term, your rate will not necessarily go up if your rate is locked. Be prepared for a bumpafter your term though.

Tip #4: Don’t pay more than you have to. Make sure you shop around. Health insurance companies are changing their pricing structure all the time. The site I think is best for getting discounts on the best selection of medical insurance is ehealthinsurance.com

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Also, keep in mind, new laws may force everybody into buying individual health insurance soon (I know that may seem one thing or another to some people, but I’m not going to make this a political article). One unfortunate outcome of that may be rising prices due to everybody’s increased risk. Why? What most people don’t understand is that most people who are uninsured now are high risk for insurance companies. So I would recommend not procrastinating a filling out an application asap.