5 Health Insurance Facts in a Bad Economy


Many policies exclude coverage for medical expenses that would otherwise be paid for by Workers’ Compensation or a comparable programme. I want you to reread that final sentence.


That is correct. Most self employed folks and even some small business owners do not carry Workers Comp on themselves.

There are prepared insurance policies that will cover you on and off the job – 24-hours a day, if you are not required by law to obtain Workers Compensation coverage.

Are you dismissing it as a non-issue?

Independent contractors (1099’s), home based business owners, professionals and other self employed people often are not taking advantages of the tax rules accessible to them.

Many individuals who are responsible for 100 percent of their healthcare costs are able to write off their monthly insurance premiums. With only that change, you can cut your net out-of-pocket payments for a good plan by as much as 40 percent. If you want to know if you qualify, you can either consult an accountant or the IRS website.

All legitimate insurance plans utilise some type of internal controls to determine how much they will pay out for a particular surgery or service. Two primary approaches exist.

Affordability -Predetermined Benefits

Some plans, like as those targeted toward freelancers and entrepreneurs, have a set maximum that they will pay for any one doctor’s visit, hospital stay, or diagnostic test within a given time frame. Commonly, “Indemnity Plans” will have this format. You should ask to examine the written schedule of benefits if you are offered one of these plans. It is crucial to be aware of any such caps before they are reached, as the corporation will not continue to cover any additional costs after that point.

-Standard Practice

Medical services are reimbursed at the “Usual and Customary” rate if that is what the majority of medical providers and hospitals in the same or a similar area charge for those services. The greatest level of coverage for most major medical plans is “Usual and Customary expenses.”

The fourth perk is that you can go shopping!

You are undoubtedly in the market for a new medical insurance policy if you are here. On a daily basis, consumers go out and buy a wide variety of goods and services, from perishables to real estate. A buyer’s evaluation of a product or service takes into account its quality, price, suitability to their needs, and competitiveness in the market as a whole. It’s concerning that most people don’t inquire about costs prior to undergoing any sort of medical examination, surgery, or even seeing a specialist. Because of the dynamic nature of the health insurance market, it is becoming increasingly vital that we pose these questions to our medical experts. Get the most out of your plan and spend less out of pocket by bargaining for a lower asking price.

Five. Connections and savings

Most insurance and benefits programmes make use of healthcare networks in order to negotiate lower costs for their members. Networks, in the broadest sense, are groups of doctors and hospitals that have come together to offer discounted rates for their services. The network may be one of your program’s defining features. Price reductions could be anything from 10% to 60% or more. It is important to check out the network’s list of doctors and hospitals before committing to it because savings offered by medical networks are not uniform. This is important not only to verify the participation of primary care physicians and local hospitals, but also to research potential referral sources in the event of a more complex medical emergency.

Find out if the network your agent puts you in is a regional one or a nationwide one, and then decide if it’s right for you.