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The ins and outs of Health Insurance when You're Self Employed

By: Vlad Ehrsam

Looking into health insurance, especially for those who are self employed, can be a daunting task. Without the help of company programs that pay part of your insurance, it can be a more expensive, and even frustrating to get health insurance. There are some basics to understand, however, before you buy.

Like where to find health insurance. Try the Internet for starters, it'll give you a basis for comparison of various types of plans available, and even rates, on some sites. Low-rate plans may look attractive at first sight, but not so good when take a closer look. They could demand more in deductibles, or exclude your personal doctor from their panel. So take your time to assess the plans and what they offer before you choose a health plan, and before you sin on the dotted line.

When looking for health insurance for the self employed, you will likely come across a few phrases quite a few times. They let you know about the benefits of the plan, and can help you make your decision. But first you have to understand what the terms mean.

HMO. This is a common phrase that is heard quite often. An HMO is a managed care plan. This does often cost a little bit less than a PPO (more about that next), but they are often more restrictive. Additionally, they are rated lower by most insurance ratings. Most HMOs require that you have a primary care provider and then require that you are referred to specialists by the provider.

An alternative you could use, PPO, is not as restrictive. It allows you to consult any doctor on its considerably large panel throughout its network. This is especially helpful if you are taken ill while abroad. And it offers the option, at an additional upfront fee, to consult any doctor you want even those not on the network. This is like an EPO, which differs in that it doesn't include doctors away from its network to the self-employed.

Co-Pay. A co-pay is the amount of money you pay up front. This usually ranges from $15 to $25. Another variation on the co-pay is to pay 20% of the bill until you meet your deductible, and then you pay nothing or a very small co- pay. Most plans specify a different co-pay for office visits than for emergency room visits and prescription drugs.

Deductible. The deductible is the amount of money you pay out of pocket. If you have a co-pay, this usually does not go toward your deductible. If you are on a 20% plan, then your office visits do count as part of your deductible. Just as with auto insurance, the higher your deductible, the lower your premium.

Once you know what you are looking for, compare coverage. See if maternity is covered. Check to see if chiropractic visits and mental health care is covered. Read the plan benefits to make sure that all of the things you feel you might need are covered by the insurance plan you choose. No plan is ever perfect, but it is possible for you to find one that is close.

Article Source: http://www.article-voip.com

About the author: Vlad Ehrsam is the chief writer at Full Info on Business, there's a wealth of knowledge on the website, plus their free newsletter is well worth signing up for too.

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