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5 Basic Tips About Health Insurance Plans In A Poor Economy
1. DOES YOUR PLAN COVER YOU ON AND OFF WORK?
Many health insurance policies have explicit exclusions that eliminate your benefits for anything that could have been covered under Workers Compensation or similar legislation. Now read that last sentence again.
COULD HAVE BEEN COVERED!?
That is true. Most self employed people and even some small business owners don't carry Workers Comp on themselves.
There are custom made insurance plans that will cover you on and off the job - 24-hours a day, if you are not required by legislation to have Workers Compensation coverage.
2. ARE YOU TAX DEDUCTING IT?
Independent contractors (1099's), home based business owners, professionals and other self employed people typically are not taking advanatge of the tax laws available to them.
Many people who are paying 100% of their own premiums are eligible to deduct their monthly insurance payments. Just that alone can cut your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you meet the requirements and/or investigate the IRS website for more information.
3. INTERNAL LIMITS
All true health insurance policies use some type of internal controls to decide how much they will pay out for a particular procedure or service. There are two basic methods.
-Scheduled Benefits
Many plans, some of which are chiefly marketed to self employed and independent people, have a specific schedule of what they will pay per doctor office visit, hospital stay, or even boundaries on how much they will pay for testing per 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are shown one of these plans, be sure to check the schedule of benefits, in writing. It is important that you understand these types of limits in the beginning because once you reach them the company will not pay anything over that amount.
-Usual and Customary
"Usual and Customary" relates to the rate of pay out for a doctor office visit, procedure or hospital stay that is in accordance with what the majority of physicians and facilities charge for that particular service in that exact geographical or similar area. "Usual and Customary" charges represent the highest level of coverage on most health insurance policies.
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