5 Fundamental Facts About Health Insurance Schemes In A Dreadful Economy
1. DOES YOUR HEALTH PACKAGE COVER YOU ON AND OFF THE JOB?
Many health insurance policies have explicit exclusions that do not cover you for anything that could have been covered under Workers Compensation or similar laws. Now read that last sentence again.
COULD HAVE BEEN COVERED!?
That is correct. Many self employed people and even many small business owners do not carry Workers Comp on themselves.
There are custom made insurance plans that will cover you on and off work - 24-hours a day, if you are not required by law to have Workers Compensation coverage.
2. ARE YOU WRITING IT OFF?
Freelance contractors (1099's), home based business operators, professionals and other self employed people usually are not taking advanatge of the tax regulations accessible to them.
Many people who are paying 100% of their own costs are eligible to deduct their monthly insurance premiums. Just that by itself can cut your net out-of-pocket expenses on a proper policy by as much as 40%. Ask your accounting professional if you are eligible and/or check out the IRS website for more details.
3. INTERNAL LIMITATIONS
All true health insurance policies use some sort of internal controls to decide how much they will pay out for a specific procedure or service. There are two normal methods.
-Scheduled Benefits
Many plans, some of which are specifically marketed to self employed and independent people, have a clear schedule of how much they will pay for a doctor office visit, hospital stay, or even limits on how much they will pay for testing in a 24-hr. period. This structure is usually associated with "Indemnity Plans". If you are presented with one of these plans, be sure to see the schedule of benefits, in writing. It is essential that you understand these type of limits in the beginning because once you reach them the policy will not pay anything beyond that amount.
-Usual and Customary
"Usual and Customary" refers to the rate of pay out for a doctor office visit, procedure or hospital stay that is based on what the majority of doctors and facilities charge for that exact service in that specific geographical or similar area. "Usual and Customary" charges represent the highest level of cover on most health insurance policies.
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