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5 Fundamental Facts Concerning Health Insurance Policies In A Bad Economy
1. DOES YOUR POLICY COVER YOU ON AND OFF THE JOB?
Many health insurance policies have particular exceptions that do not cover you for anything that might have been covered under Workers Compensation or similar legislation. Now read that last sentence once more.
COULD HAVE BEEN COVERED!?
That is correct. Many self employed people and even many small business owners do not carry Workers Comp on themselves.
There are tailored insurance policies that will cover you on and off work - 24-hours a day, if you are not mandated by legislation to have Workers Compensation protection.
2. ARE YOU WRITING IT OFF?
Independent contractors (1099's), home based business operators, professionals and other self employed people usually are not taking advanatge of the tax ordinances accessible to them.
Many people paying 100% of their own premiums are able to deduct their monthly insurance premiums. Just that can lessen your net out-of-pocket expenditures on a proper policy by as much as 40%. Ask your accountant if you qualify and/or check out the IRS website for more information.
3. INTERNAL RESTRICTIONS
All true health insurance policies use some sort of internal controls to choose how much they will pay out for a certain procedure or service. There are two normal methods.
-Scheduled Benefits
Many policies, some of which are expressly targeted for self employed and independent people, have a clear schedule of what they will pay for a doctor office visit, hospital stay, or even limits on how much they will pay for tests in a 24-hr. period. This system is usually associated with "Indemnity Plans". If you are offered one of these policies, be sure to see the schedule of benefits, in writing. It is essential that you understand these type of limits in the beginning because once you reach them the plan will not pay anything above that amount.
-Usual and Customary
"Usual and Customary" pertains to the amount of payment for a doctor office visit, procedure or hospital stay that is based on what the majority of physicians and facilities charge for that specific service in that specific geographical or similar area. "Usual and Customary" charges represent the highest amount of cover on most health insurance policies.
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