The Ins And Outs Of Health Insurance When You're Self Employed

Looking into health insurance, especially for those who are self employed, can be a daunting task. Without the help of company programs that pay part of your insurance, it can be a more expensive, and even frustrating to get health insurance. There are some basics to understand, however, before you buy.

Like where to find health insurance. Try the Internet for starters, it'll give you a basis for comparison of various types of plans available, and even rates, on some sites. Low-rate plans may look attractive at first sight, but not so good when take a closer look. They could demand more in deductibles, or exclude your personal doctor from their panel. So take your time to assess the plans and what they offer before you choose a health plan, and before you sin on the dotted line.

Health insurance for the self employed comes with its own phraseology which you need to understand so that you can know the benefits of each plan before you choose one.

HMO. You will hear this phrase quite frequently. HMO is a managed care plan, often costing less than a PPO (see following paragraph) but that has more exclusions. In addition, it carries a low rating. Most HMOs stipulate that you have a primary care provider who is responsible for referring you to specialists if necessary.

An alternative you could use, PPO, is not as restrictive. It allows you to consult any doctor on its considerably large panel throughout its network. This is especially helpful if you are taken ill while abroad. And it offers the option, at an additional upfront fee, to consult any doctor you want to ¡V even those not on the network. This is like an EPO, which differs in that it doesn't include doctors away from its network to the self-employed.

Another option you might see, Co-Pay, works on the up-front amounts you pay. Known as co-pays, you'd make payments of around $15-$25, or optionally choose to meet your deductible by paying 20% of your bill over a gradual time-period. Thereafter, the co-pay is very little, or even nothing. You can usually expect one co-pay for consulting a doctor in the office, and quite another for emergency consultations and prescribed medication.

Deductible. The deductible is the amount of money you pay out of pocket. If you have a co-pay, this usually does not go toward your deductible. If you are on a 20% plan, then your office visits do count as part of your deductible. Just as with auto insurance, the higher your deductible, the lower your premium.

Once you have identified your needs, look at the various scopes of coverage on offer. For example, is maternity, chiropractic visits or mental health care covered? Do the benefits of the plan adequately cater to your needs? In the end you may not find the perfect health plan, but you can come pretty close.

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