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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. When looking for health insurance for the self employed, you will likely come across a few phrases quite a few times. They let you know about the benefits of the plan, and can help you make your decision. But first you have to understand what the terms mean. HMO. This is a common phrase that is heard quite often. An HMO is a managed care plan. This does often cost a little bit less than a PPO (more about that next), but they are often more restrictive. Additionally, they are rated lower by most insurance ratings. Most HMOs require that you have a primary care provider and then require that you are referred to specialists by the provider. 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. A co-pay is the amount of money you pay up front. This usually ranges from $15 to $25. Another variation on the co-pay is to pay 20% of the bill until you meet your deductible, and then you pay nothing or a very small co- pay. Most plans specify a different co-pay for office visits than for emergency room visits and 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 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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