Self Employed Medical Insurance Is Essential For Entrepreneurs

Self employed medical insurance is a necessity for people who run their own businesses. Normally, an employer makes medical insurance available to its employees. The employer may pay for none, part or all of the employees' medical insurance costs. However, the self employed person doesn't have this luxury. All such persons should investigate the benefits of self employed medical insurance to protect themselves and their businesses.

It is not difficult to obtain self employed medical insurance. It can be researched both online or by talking to various insurance agents. If you already have another policy with an insurance company, there may be a discount for opening a self employed medical insurance policy with that company. If you have car or home insurance, the company may offer you discounted rates to add a self employed medical insurance plan. Don't be fooled by a large discount. Look carefully at the terms, payments, and conditions to ensure that it meets your needs.

The insured is responsible for paying all premiums for a self employed medical insurance policy. This can be a tax deductible business expense, so keep careful records of all payments. In the corporate world, the employer might pay for some or all of the employees' health insurance. In the self employed world, the employer and the employee are the same person. In a way, the employer does pay the self employed medical insurance for the employee.

Self employed medical insurance works much like other insurance policies. Present your insurance card when you require medical care, and the medical staff will submit your claim to your insurance company. You may be required to pay an office visit co-payment. There is probably a deductible you must satisfy with out-of-pocket payments before the self employed medical insurance takes full effect. Learn what conditions, doctors and medicines are covered by your policy. It is just as important to know what is not covered by your self employed medical insurance plan.

Purchasing self employed medical insurance provides a financial and health care "safety net" for the self employed person. The premiums might be deductible business expenses, so ask your financial advisor or tax expert. The coverage might not be as comprehensive as that offered by large corporations. However, self employed medical insurance protects you from routine and emergency costs without ruining your business or personal expenses.

Copyright 2007 Jim Sterling - All Rights Reserved

The Health Insurance Game

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