Fundamentals of Health Insurance for Self Employed Persons

When you're self-employed, and meet your own health insurance bills, it can work out to be quite expensive. And in the absence of insurance benefits you'd get as full time employee in a company, it can exasperate you trying to get it, in the bargain. So before you start looking around for health insurance, here are some things you'll need to look for.

Get on the net and do your research. There is a dearth of information available online that allows you to assess the different health insurance plans available. Some of the sites rate the plans to help you make a decision. Before choosing one, make sure you have researched it thoroughly. Beware of cheap plans ¡V they may have a much higher deductible or may not have your doctor on their list. Once you have all the facts then you can make an informed choice.

And when you're researching health insurance plans, you might come across some terms that explain benefits of a plan for the self-employed person. These benefits are a great aid when it comes to selecting a suitable plan. But what do they mean?

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.

PPO. This plan gives you a wider range of choices within a specified network. You can consult any provider listed in the network (most companies have an extensive list). This comes in handy when you are traveling and need to consult a doctor. You may consult a provider not listed on the network but for this, you will be required to pay extra up front. An EPO works along the same lines except that there is no cover outside the network (EPOs are not available to self employed persons).

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.

The term deductible refers to medical expenses you have to meet from your own resources. Your co-pays do not count as deductibles, but on a 20% option, office consultations do. And like insurance on your vehicles, a big deductible attracts smaller premium amounts.

Once you know what you are looking for, compare coverage. See if maternity is covered. Check to see if chiropractic visits and mental health care is covered. Read the plan benefits to make sure that all of the things you feel you might need are covered by the insurance plan you choose. No plan is ever perfect, but it is possible for you to find one that is close.

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