Self-Employed
Reducing Health Insurance Policy Premiums
If you're self-employed and concerned about high
health insurance bills, there are several things you can do to lower your
insurance premiums once you settle on a health insurance plan. You may opt out
of certain coverage, or you may increase your out-of-pocket expenses.
Consider eliminating coverage for routine
office visits. If you're healthy and have few prescriptions and no
children, a catastrophic health insurance policy might be all the coverage you
need. The premiums to cover you just in the event of an accident or unexpected
illness are lower in costs than more comprehensive coverage.
Increase your deductible. A
deductible is the amount of money you'll pay out-of-pocket before your
insurance company takes over payments on your bill. In general, the higher the
deductible, the lower the monthly premium. In this case, you could see
significant savings each month. The downside is that, if something does happen,
you'll pay more out-of-pocket before the insurer picks up the costs.
Pay your premium annually for big
discounts. Most health insurance companies will give you a sizeable
discount on your health insurance premium if you pay it all at once. If overall
savings is your goal, you could get the cheapest rate on your health insurance
by paying for the full year at one time.
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