One of the most critical decisions that self-employed individuals must make is choosing a healthcare plan. Proper planning for long-term healthcare is of great importance, and part of that planning involves finding a healthcare plan that works for your needs and budget. With an insurance industry that has developed in remarkable ways, there are different options available for the self-employed. However, it is important to ensure that you choose an insurer and health insurance product that offers the right amount of coverage at the right price. The top three providers of self-employed health insurance are Blue Cross Blue Shield, Humana and Kaiser Permanente. Keep reading to learn the top questions asked about self-employed health insurance, so you can choose the plan that's right for you.
For those who are self-employed, there are different options when it comes to health insurance. The top health insurance providers above allow you to choose between individual health insurance and group health insurance. Under the individual insurance option, you can purchase coverage for yourself, as well as your family. Several different plans may be available to choose from, depending on which provider you choose. Be sure to look at all plans available from the top three providers, in order to find the one that's right for you.
Several factors make these three health insurance providers stand out among the different insurers. The companies provide self-employed health insurance that covers the policyholder as well as their family. Moreover, they offer relatively affordable premiums on their products and do not discriminate against those with pre-existing conditions. Lastly, the products are flexible, allowing the policyholders to choose their preferred doctors and clinics as well as to carry the policy even when they change jobs.
Prospective policyholders are given a chance to enroll for individual and family health insurance plans during the open enrollment period. However, you may be considered for special enrollment if you lost coverage as a result of job loss and went into self-employment within 60 days of losing the job. For those who choose to go for the small group plans, enrollment is done through the whole year.
Yes. Self-employed individuals may be eligible to deduct their premiums for health insurance from their taxable income. However, this amount should not exceed the actual income of the self-employed person. In this way, premiums on health insurance plans cannot be considered as a business expense. It is also important for owners of small business to familiarize themselves with the eligibility rules for deductions.
When one reports their income when applying for health insurance, the provider of the coverage will be interested in their net income. This is arrived at by taking the gross income and subtracting specific business costs. If the net income has not changed from the one reported the previous year, business owners can use the net income they reported the previous year.
Since the Affordable Care Act was passed, health insurers cannot charge more or deny one health coverage on the basis that they have a pre-existing condition. As such, health conditions such as cancer, diabetes or asthma cannot be used as grounds to limit one’s benefits. In fact, it is illegal for the health insurance provider to refuse to cover the costs of treatment of any pre-existing health conditions.
These ‘metal’ classifications refer to the different categories of health plans offered by health insurance providers. Although the monthly premiums for higher plans will be higher than those paid for lower plans, all the plans offer the same essential health benefits. However, Bronze will cover 60%, Silver will take care of 70%, Gold will settle 80% and Platinum plans will cover 90% of healthcare costs.
A simple search on the internet will give a ton of results on health insurance plans and offers. At the same time, the Marketplace is a government-backed one-stop shop that allows citizens to compare plans and offers from different health insurance providers.