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If you're self employed, how in the world do you go about choosing just the right family health insurance for the self employed plan? There are so many insurers out there! They all offer the same basic options; they just have different, fancy labels for them.
Going out there in the big, bad insurance world without the guidance of a human resources director is not so horrible if you know what questions to ask. Group plans obviously offer the best prices, and if you own a business and need family health insurance for the self employed, there are many group policy options still available to you. Here are some ideas:
• Do you belong to the local Chamber of Commerce? Many Chambers offer participation in a group family health insurance for the self employed plan to member companies.
• Does your line of work require that you belong to a professional organization? For example, freelance massage therapists might find family health insurance for the self employed plans through their local or state chapter of physical or occupational therapists.
• The same applies if you belong to a club. Organizations like AAA or AARP offer group insurance plans.
• Some neighborhood associations have taken advantage of the cost benefits available when they work together. Ask your association officers if there is a group plan.
• If you have a hobby outside of your work, inquire whether there is group insurance available in your local chapter of hobbyists.
If you decide to go it alone and sign up with your own family health insurance for the self employed plan, think about these questions as you make your choice.
• Ask if it's a PPO or a POS plan. A PPO plan means you can choose any provider, within the list of providers they give you. With a POS plan, you have to choose one physician who will orchestrate all of your medical care. You can't even go to the emergency room, unless you're practically dead, without his approval.
• An indemnity plan means there is no list of providers and you can choose whomever you like. These types of plans are a little more expensive, but you still enjoy lower rates than you would if you were running bare with a pay-as-you-go attitude.
• Find out ahead of time what their policy is on pre-existing conditions. Most plans will limit coverage for pre-existing conditions in the first year or two of the plan. But some plans steal extra bucks out of your wallet at renewal time. They don't bother to tell you that an illness you developed over the course of the year will no longer be covered at renewal time. For instance, if you're treated for a bout of high blood pressure, then you can expect when your plan renews that your medications and office visits for blood pressure checks will no longer be covered.
• Decide how much risk you want to take vis-à-vis your healthcare dollars. Are you and your family in relatively good health? You might do better to choose a high deductible, low premium plan. You can realize tax benefits if you set it up with a health savings account.
• Evaluate your family insurance needs. For example, the high deductible, low premium plans also work for people who are sickly. If you or someone in your family has a health issue or takes expensive medication, you will meet your high deductible early in the benefit year and then enjoy pretty comprehensive coverage.
Take the time to become informed with good research. You will find the right family health insurance for the self employed plan to meet your needs.
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