1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?
Many health insurance policy plans have special exclusions that eliminate your profits for anything that could have been covered under Workers Compensation or similar laws. Now study that last sentence again.
COULD HAVE BEEN covered!?
That is correct. Most self employed individuals and even some small business owners do not carry Workers Comp on themselves.
There are designed insurance plans 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 WRITING IT OFF?
Independent contractors (1099's), home based business owners, professionals and other self employed individuals generally are not taking rewards of the tax laws available to them.
Numerous individuals who are paying 100% of their own costs are eligible to deduct their monthly insurance policy payments. Just that alone can reduce your net out-of-pocket costs of a proper plan by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more information.
3. INTERNAL LIMITS
All true insurance plans use some form of internal controls to determine how much they will pay out for a particular procedure or service. There are two basic method actings.
-Scheduled profits
Numerous plans, some of which are specifically marketed to self employed and independent individuals, have a clear schedule of what they will pay per doctor office visit, hospital stay, or even limits on what they will pay for testing per 24-hr. period. This structure is commonly associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of profits, in writing. It is important that you understand these type of limits up front because once you reach them the company 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 based on what the majority of physicians and facilities charge for that unique service in that unique geographical or comparable area. "Usual and Customary" charges represent the highest level of coverage on most major medical plans.
4.YOU HAVE THE ABILITY TO SHOP!
If you are reading this you, are probably surfing for a health plan. Every day individuals shop, for everything from groceries to a new home. During the shopping process, generally, the value, cost, personal demands and general marketplace gets evaluated by the buyer. With this in mind, it is very disconcerting that most people never ask what a test, procedure or even doctor visit will cost. In this ever-changing health insurance policy market, it will become increasingly fundamental for these questions to be asked of our medical professionals. Asking cost will help you get the most out of your plan and reduce your out-of-pocket expenses.
5. NETWORKS AND Deductions
Almost all insurance plans and benefit programmes work with medical networks to access discounted rates. In broad strokes, networks consist of medical professionals and facilities who agree, by contract, to charge discounted rates for services rendered. In Many cases the network is one of the defining attributes of your program. Discounts can vary from 10% to 60% or more. Medical network Discounts vary, but to assure you minimize your out-of-pocket expenses, it is imperative that you preview the network's list of physicians and facilities before committing. This is not only to secure that your local doctors and hospitals are in the network, but also to see what your options would be if you were to need a specialist.
Ask your agent what network you are in, ask if it is local or national and then determine if it matches your own personal requires.
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