When you’re self-employed, the best health insurance plans will not only protect you in the event of injury or sickness, but also ensure that you and your loved ones are healthy and well so that you can continue to be productive in your chosen field.
However, there are several different types of health insurance plans out there from which to choose – what are the best health insurance plans for individuals?
How can you make sure you get the most bang for your buck? Read on to find out!
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Quick tips before you buy any plan
- Check to see if you qualify for a government plan. Most people are eligible for Medicaid, even if they don’t know it.
- If your income is low enough and you meet other requirements, you could enroll in Medicaid today and get care through any of its managed care plans.
- If you aren’t eligible for Medicaid, but your income and assets are under a certain limit, you could qualify for subsidized private coverage through healthcare.gov. 4. The federal government provides tax credits worth thousands of dollars a year toward premiums on a health plan sold on that website.
- If your income is close to or above 400% of the poverty level (for example, $48,240 if you’re single in 2018), you may also be able to get premium subsidies through your state exchange or marketplace.
- You can learn more about eligibility requirements and what kind of financial help is available at healthcare.gov .
Understanding Medicare vs. Medicaid
Private insurers aren’t your only option; if you’re eligible, Medicare and Medicaid can help cover medical expenses.
But which one is right for you? What are their limitations? And how do they work together? Medicare, a government-sponsored program, is available to most people 65 or older as well as those with disabilities.
Enrollment requires passing a series of tests that determine whether or not you meet coverage eligibility requirements. If so, then an application must be filed in order to gain access to these benefits.
Choosing an HMO or PPO?
This should be your first decision. Both of these types of plans are preferred provider organization (PPO) programs, which means that you will have a select group of doctors and hospitals who will treat you for free or at a reduced cost if you sign up with them.
The catch is that most PPOs require a referral from your primary care physician in order to see specialists, while HMOs require patients to choose only doctors who work within their network.
While some may find having access to many different options helpful, others like HMOs because they give them more protection against unexpected costs.
In general, HMOs tend to offer higher-quality care and have lower out-of-pocket costs but often have restrictive networks and long wait times in emergency rooms.
Does your Plan cover out-of-Network Medical care?
You’re responsible for paying any charges from non-network providers, which can add up quickly. Make sure your plan covers out-of-network medical care as well as all other forms of care, such as dental and vision services.
In addition, ask if you’ll be required to pay a co-pay (also known as an advance payment) when using out-of-network providers.
Will my prescriptions be covered by this plan?
It’s always a good idea to call your pharmacist before you fill any prescriptions and ask whether they’re covered by your plan.
Different plans have different coverage guidelines, and you don’t want to end up with a bill you weren’t expecting.
If you need help, most pharmacies offer consultation services that can help sort out your insurance questions.
A majority of Americans are insured through their employers, so if you already have an individual policy, it might be worth asking about how your prescription drug costs could differ as a result of switching jobs.
You may also consider lowering your overall monthly expenses by purchasing generic versions of drugs whenever possible; these medications can cost less than their brand-name counterparts and work just as well in most cases.
Conclusion
There are many different factors that go into picking a good health plan. It is important to understand what all of your options are before making any decisions.
Look at all of your options, determine what you need and want in a plan, make a list of pros and cons for each, then compare them. This will give you an idea on which one is best for you based on your specific needs and wants.
You can also use online resources such as quote sites or third party reviews when looking at plans as well as price shopping (for some people its very important to get their coverage from a certain provider), but make sure that you look into each plan yourself rather than simply relying on someone else’s review or opinion about it.
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