Health Insurance For
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Insurance For The Self-Employed
Willie Crawford
The biggest concern I hear from people who are thinking about starting, or
already have, their own business is the lack of medical insurance. What most
people don't know is that there are many options available that will allow you
to have both medical and dental insurance without having a large company paying
most of the premiums.
When you go looking for health insurance, you need to know the four main types.
* Fee-For Service. With this plan you pay a percentage of the cost with every
doctors visit. The standard is 80/20 where the insurance company pays 80% and
you pay 20%. You must meet your yearly deductible, however, before the insurance
company begins paying anything. Most deductibles range between $200 and $1,000.
The higher the deductible the lower your monthly premiums.
* Health Maintenance Organization (HMO). HMO's usually have no deductible, but
you have to make a co-pay for each visit. The co-pay usually ranges between
$5 and $20. With HMO's you can only go to doctors that are members of the HMO.
You select a primary physician who coordinates all of your medical care and
who will refer you to any specialist you may need to see.
* Preferred Provider Organization (PPO). As with HMO's, there is usually no
deductible and you have a co-pay for each visit. You must choose a doctor that's
a member of the PPO to get full coverage. You can go to a doctor who's not a
member, but you will have to pay more, usually about 20% of the cost. PPO's
give you more freedom of choice, but the premiums are usually higher than with
an HMO.
* Point of Service (POS) plan. It's similar to a PPO, but if you want a primary
care doctor to coordinate your medical care you can select one.
If you are leaving a company where you had insurance then you should check out
COBRA. The federal government set up the COBRA program for employees, and their
dependents, of companies with at least twenty employees. If you leave your company,
or are laid off, then you can continue your health insurance for between eighteen
and thirty-six months. These rates are higher than you have paid in the past,
though. You will not only be paying your share of the insurance premium, but
also the amount your employer used to pay. For example, with one company I was
laid off from, my monthly health insurance premium would have jumped from $25
to $239. If you have a lot of medical bills, this may be well worth the cost.
If your spouse has insurance, you should look into putting yourself on their
policy. Many times you don't even have to be married. You can be added under
"Significant Other" coverage.
Check with any organizations you belong to. I can get insurance through several
writing organizations, as well as my college alumni association. Some people
join an organization just to take advantage of an insurance program they offer.
If you look around, you will find that almost every field has at least one organization
representing them. Many of these organizations offer some kind of health insurance.
There are other nontraditional sources of insurance too. The credit union I
belong to offers inexpensive life insurance. Actually, they give me $1,000 of
life insurance at no cost. My credit card company offers many forms of insurance
at no cost, including car rental, travel, health while on trips and more. Check
all of these sources to see what they offer. One way to find places to check
into is to look into your wallet. What cards do you have there? Clubs, organizations,
unions, credit cards, alumni associations and more.
There is also a membership discount store in my town called Sam's Club. It's
like a Costco or Fedco. They offer a dental discount program. It's not insurance,
but for about $70 a year I can become a member. I get a discount card that I
can take to participating dentists, and get their services for a discount. The
only drawback is that most of the dentists in the program are in large cities.
Be sure to check this out before you join to be sure your dentist is part of
the program.
There are ways to get medical care that is free or inexpensive without using
insurance. In my town, there is a health clinic that has a sliding scale based
on income. There's also a dental school in town that has very inexpensive rates
if you let the students work on you. I know people that drive for over an hour
to use this facility and they think it's wonderful.
In Arizona, there is also the AHCCCS Program (Arizona Health Care Cost Containment
System) which offers low cost insurance for low-income households with an annual
income of up to $18,000. Check with your state to see if it has a program like
this.
Consider an option that requires no insurance. Put money into a bank account.
I know of one person who put $2,000 into a bank account before starting her
own business. The money would be used for any medical expenses. Over the next
two years, she put another $8,000 into the account. So far, this has taken care
of all the medical problems that have arisen for her family of four. If you
want even more security, you could set up a savings account, and have catastrophic
insurance coverage with a high deductible. Just decide what you are comfortable
with. I usually go with the minimal coverage because I have virtually no health
problems. I'm in my late forties, and in the past twelve years I have only gone
to a doctor once and I take no medication. The only recurring health problem
I have is getting new glasses every five years or so, and having the occasional
filling. I've always been very healthy and I don't see this changing any time
soon.
One last note about insurance. If you are going to have clients coming to your
home, you should look into liability insurance with medical reimbursement coverage.
I had this several years ago when I ran a photography studio out of my house.
Fortunately, I never had to use it, but I did come close one day. A woman came
in for a portrait and brought her friend, who also had a one-month-old baby.
As we were getting ready, I told the mother that she and her baby could sit
in a chair across the room. I pointed out a very bright orange extension cord
and told her to be careful. She looked at the cord and said she would be. She
then proceeded across the room and tripped on the cord. Visions of her falling
on top of her baby flashed through my head before she caught her balance. Everyone
was fine, but I was very glad that I had the insurance, just in case.
What you need to do, as a self-employed person seeking health insurance, is
to be creative and look everywhere. Contact every club, credit card and organization
you belong to, and don't forget the college you graduated from. Call your city
and state government to see what programs they offer too. Use that same creativity
that keeps your business successful to find all your options, and then select
the one that's best for you. Be sure to read the fine print so you know what
is, and isn't, covered by a plan before you join.
About the Author
http://www.CreativeCauldron.com
Jeff Colburn is a freelance writer who specializes in websites, newsletters,
poetry and genre fiction. His books, "The Writer's Dictionary Of Science Fiction,
Fantasy, Horror and Mythology" and "The Youngest Ninja," can be purchased from
his site, www.CreativeCauldron.com. The Creative Cauldron is a site filled with
information for writers, photographers, artists and other creative people.
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International Travel and Health Insurance
David M. Schmader
Embarking on Your Dream Vacation
Are your Plans Complete?
Your bags are packed, passport and papers in order and you couldn’t be in a
higher state of excitement preparing for travel to that wonderful, exotic location.
This is the vacation you have planned it seems forever. As you sit on the plane,
you and your partner discuss for the hundredth time the scuba diving you will
do, the awesome rock climbing and hikes into the rain forest. Everything is
perfect!
Life seldom gets better than this.
Despite all the excitement of travel, Americans do have some concerns.
According to a survey by the Chubb Group, more than 70% of Americans surveyed
said their greatest concern when traveling is suffering a medical emergency...more
than double the fear of being mugged (30.7%), three times the fear of being
injured in a terrorist attack (23.4%).
What happens if a medical emergency arises when traveling overseas?
Many people assume that while they are out of the U.S. or Canada they will be
covered by their standard medical plan. However, most traditional health insurance
plans are not designed for international travel.
According to the U.S. Department of Commerce, approximately 27 million travelers
board U.S. airlines for overseas destinations and almost 26 million foreign
travelers come to the U.S. each year. However, many are not prepared for a medical
emergency abroad.
Most traditional health insurance plans would not cover an unexpected illness
or injury during international travel. But travelers with international medical
insurance would have protection for scenarios ranging from a local ambulance
trip to an emergency evacuation for care at the nearest qualified medical facility.
Some even offer repatriation flights out of the country where the traveler is
located back to the US.
Available plans can cover individuals or groups for specific periods of time
abroad and can be in effect should they be stationed abroad for an extended
period of time. There are policies for corporations to insure their personnel,
plans to cover missionaries who are on an outreach program and for those participating
in extreme sports. International travel medical insurance should be considered
for anyone traveling or living abroad.
©David M. Schmader, Solon, Ohio January, 2005
www.brownschmader.com
About the Author
David Schmader is an independent broker agent located in the Cleveland Ohio suburb of Solon, Ohio. With over 25 years of corporate finance experience he specializes in serving the individual, professional and small business markets.
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