If you are self-employed or is managing your own small business, there are certain steps that you can do to cut back the cost of your health insurance premium. By getting a more affordable policy, you can use your money on other important investment such as contributing to your retirement fund, savings account, or other types of insurance.
Take note that being able to enjoy a discounted rate does not mean you need to compromise the coverage. Check out the following tips on how you can get a cheaper personal health insurance:
Eliminate routine doctor visits. If you are single and healthy, you may consider getting a catastrophic health insurance policy which does not include regular check-ups or maintenance health care. This type of policy only provides coverage in the event of an accident or unexpected illness.
Increase your deductible. You can also reduce your premium price by increasing the amount of your deductible. However, be reasonable when setting the deductible amount. Remember that you will be paying that sum out of your own pocket. You can only make claims once your medical expenses go beyond the deductible amount.
Choose an annual mode of payment. You can ask for a bigger discount if you will submit the whole year payment at one time. If your budget permits you to do that, then you can get the cheapest price possible from your insurer.
Open a Medical Savings Account. MSA’s are government provisions especially offered for self-employed individuals and small business owners. A Medical Savings Account will enable you to set aside a certain amount of your earnings to enjoy special tax privileges.
Enjoy your health insurance privileges. Surprisingly, not many people make use of their tax benefits. Freelancers and home based business owners are entitled to certain tax privileges and this includes health insurance cost deductions. Be sure to do your homework before filing your taxes.
Gather and compare insurance quotes online. Comparing your options will give you a better idea as to the trend of insurance rates and fees in the market. It will also help you narrow down your choices more easily.
Be a part of a group. Insurance companies do offer the biggest savings for clients who apply for group plans. If you can join a community group or an organization for business owners, you may be able to get a more affordable health insurance plan through the group.
Apply for a family health insurance. If you have a family, then you might as well get an insurance coverage for your spouse and kids. Don’t forget to request your chosen insurer for a lower premium price since you are getting a bundled plan.
Benefit from your spouse’s employer-provided insurance. An employer-provided insurance is still the cheapest plan you can get. If your spouse is presently employed and the company provides a job-based health insurance policy, then he/she can apply for a family insurance policy to get the most affordable insurance.
