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Health Insurance Basics for the Self Employed

By: Vlad Ehrsam

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.

Co-Pay. This is the money that is paid up front and usually ranges from $15 to $25. A variation on this is to pay 20% of the bill until you reach your deductible. Thereafter you pay nothing or a very nominal co-pay. Many plans have different co-pays depending on whether you make an office visit, an emergency room visit or are buying prescription drugs.

Deductible. This is the amount you pay from your own pocket. If you have a co-pay it does not count towards your deductible. Under a 20% plan, office visits count as part of your deductible. Health insurance is similar to auto insurance in that the higher your deductible, the lower your insurance 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.

Article Source: Main Articles

Vlad Ehrsam runs a very interesting website at Full Info on Business, it's one of the webs most up to date Business sites, while you're there sign up for the free newsletter.
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