When you are self-employed and shopping for an individual insurance policy
Many self-employed individuals need to purchase their own health insurance policies, long before strategizing about their startup’s approach. When you are newly self-employed and looking to purchase, here are some quick tips:
-Always compare multiple policies and prices. Don’t just look at insurance companies that “your parents recommend.” The market is incredibly competitive, so you never know what plan may be best for your needs and budget.
-Understand what’s covered and what’s not. It is important to know that office visits and other “assumed” benefits will be included. Make a list of what is important to you (vision, dental?). There are over 300 competitive plans in this market alone.
-Clearly understand the confusing “buzz words” of each potential policy. Make a detailed list of each policy – what is your co-pay, deductible, co-insurance and monthly premium?
-Know the details. Does your plan include a health savings account? Which doctors and hospitals accept your coverage?