"My focus is on my business and getting
money coming in the door. At the same time, I realize that if I get sick or
have a major health issue, everything I’ve worked so hard for would be at
risk. Are there insurance products out there designed for someone like
me?" |
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Self-Employed
STEP 1: GETTING STARTED: WHAT IS MOST IMPORTANT IN
CHOOSING A HEALTH PLAN?
You want the most affordable health insurance that will provide the best coverage
for you and your family. Asking yourself a few basic questions will uncover
more of what you need to know to select the best health plan for you.
What Do You Need?
This is really the heart of the matter. Your health
insurance should meet the needs of you and your spouse and/or children, so
think through what those needs are:
- Will the plan cover work-related injuries or
conditions?
- Do you have health problems or chronic conditions?
If so, will the plan cover your pre-existing conditions or those of family members?
- Are you starting or planning to expand your family?
- Do you require annual exams or make frequent visits
to a health care provider?
- Do you require therapy (e.g., physical, speech) or
care for mental health or substance abuse issues?
What Do You Want?
You can think in terms of ease, access, and
convenience when identifying what you want from your coverage:
- Do you have a choice of doctors or
hospitals—what about a specialist for additional care?
- How convenient does your care need to be?
- Can you get care while on travel or away from home?
- Will it be easy to schedule an appointment?
- Will claims and other paperwork need to be filed?
If so, how much and how often?
When thinking about critical services/options,
remember that hospitalization is the most important service covered by
insurance. Without coverage for hospital care, one illness could cost you
thousands—even hundreds of thousands—of dollars.
How Much Are You Willing to Pay?
The goal is to choose the plan that meets both your
needs and your budget. Keep in mind that plans that allow you the most choices
in doctors and hospitals also tend to cost more than plans that limit choices.
Plans that help to manage the care you receive usually cost you less, but you
give up some freedom of choice.
- How much is the monthly premium? Can you lower the
premium by purchasing coverage with a higher
deductible?
- After you have met your deductible, what portion of
your costs is paid by the plan?
- If a plan does not cover certain services or care
that you think you will need, how much will you have to pay?
- Are there any limits on how you much you must pay
in case of major illness?
- How much is the co-pay per visit to an in-network physician and to an out-of-network physician?
Looking at monthly premiums and deductibles is a big
part of comparing policies and making a final decison on coverage.
Reducing Health Insurance Policy Premiums provides
some suggestions on how to lower your monthly policy premiums.
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