One of the biggest challenges of being self employed is having to buy your own health insurance. It's a major expense and the wrong plan can fail you when you need coverage the most.
One of the big things to look out for is what happens if you come down with a chronic condition; that is, a condition that won't be going away anytime soon. This is one of the easy times to lose coverage or find out that your premiums are going to go sky-high.
One example of a chronic condition is asthma. Obviously, a lot of people have this, and if you have to get your own health insurance, it's going to be difficult to find a policy that wants to take someone on with this condition. The insurance company knows it is going to cost them money, so the premiums will be higher.
Another problem is that once you have such a chronic condition, it is very difficult to get coverage for it elsewhere. There are laws dealing with how preexisting conditions must be dealt with. If you have let your health insurance lapse for a time and you have a preexisting condition, it is quite likely that it will be excluded from your policy, meaning you have to pay for all medical expenses related to that condition.
Unfortunately, even if you later come down with a chronic condition you may find your coverage changes or your premiums increase. Health insurance companies, as with any other business, need to make money, so the companies will do what they can to minimize spending on chronic conditions.
Another problem time is if you have cancer. Cancer may or may not be treatable, and the answer is not clear-cut in many cases. A mild case may become serious, a serious case may go into remission. Treatments may take a long time and be expensive, making this a condition health insurance companies are less than enthusiastic about covering.
New treatments can be quite problematic. The latest medications may or may not be covered. It is possible, however, in many cases to fight the insurance company if your doctor pushes the matter. It may not be easy, however. New medications are often more expensive than ones that have been around for a while.
Whatever you do, make sure to compare plans from several companies. This will help you to make the right decision based on the needs of your family. If you are a woman of child bearing age, for example, you will probably want obstetric coverage even if you aren't planning on having a baby anytime soon, just in case. Look at your potential co-pays, annual maximums and anything else you can think of to be sure that you are getting adequate coverage for your needs.
The simplest way to do this is to use a website such as eHealthInsurance or InsureMe.com. Either of these will allow you to compare rates from several companies. Go over each offer carefully and decide which best meets your needs. |
