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5 Essential Tips About Health Insurance Policies In A Poor Economy
1. DOES YOUR POLICY COVER YOU ON AND OFF THE JOB?
Many health insurance policies have specific exceptions that eliminate your benefits 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 designed 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 insurance.
2. ARE YOU TAX DEDUCTING IT?
Independent contractors (1099's), home based business owners, professionals and other self employed people usually are not taking advantages of the tax ordinances available to them.
Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance payments. Just that can reduce your net out-of-pocket expenditures on a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or investigate the IRS website for more information.
3. INTERNAL RESTRICTIONS
All true health insurance policies use some sort of internal controls to determine how much they will pay out for a certain procedure or service. There are two basic 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 what 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 up front because once you reach them the plan 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 in accordance with what the majority of physicians and facilities charge for that specific service in that specific geographical or comparable area. "Usual and Customary" charges represent the highest amount of coverage on most health insurance policies.
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