5 Essential Details In Relation To Health Insurance Schemes In A Poor Economy

1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?

Many health insurance policies have particular exceptions that do not cover you for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again.

COULD HAVE BEEN COVERED!?

That is true. Most self employed people and even some small business owners do not carry Workers Comp on themselves.

There are tailored insurance policies that will cover you on and off the job - 24-hours a day, if you are not required by law 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 usually are not taking advanatge of the tax regulations available to them.

Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that alone can lessen your net out-of-pocket expenses on a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or look up the IRS website for more information.

3. INTERNAL LIMITS

All true health insurance policies use some sort of internal controls to choose how much they will pay out for a specific procedure or service. There are two normal methods.

-Scheduled Benefits

Many plans, some of which are specifically marketed to self employed and independent people, have a specific schedule of what they will pay per doctor office visit, hospital stay, or even limits on how much they will pay for tests per 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to check the schedule of benefits, in writing. It is important that you understand these type of limits in the beginning because once you reach them the policy will not pay anything over that amount.

-Usual and Customary

"Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is determined by what the majority of physicians and facilities charge for that particular service in that specific geographical or similar area. "Usual and Customary" charges represent the highest amount of coverage on most health insurance policies.

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