5 basic facts about health insurance policies in a bad economy

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  1. DOES YOUR PLAN COVER YOU AND THE WORK?

Many health insurance plans have specific exclusions that eliminate your benefits for anything that may have been covered by Workers’ Compensation or similar laws. Now read the last sentence again.

COULD IT BE COVERED?

That’s right. Most people who are self-employed and even some small business owners do not have Workers’ Compensation in themselves.

There are designed insurance plans that will cover you in and out of work, 24 hours a day, if the law does not require you to have Worker’s Compensation coverage.

  1. Are you writing it?

Independent contractors (1099), home-based business owners, professionals and others who are self-employed are generally not taking advantage of the tax laws available to them.

Many people who pay 100% of their own costs are eligible to deduct their monthly insurance payments. That alone can reduce the net disbursement costs of an adequate plan by up to 40%. Ask your accounting professional if you are eligible and / or visit the IRS website for more information.

  1. INTERNAL LIMITS
    All true insurance plans use some form of internal control to determine how much they will pay for a particular procedure or service. There are two basic methods.

Scheduled benefits

Many plans, some of which are marketed specifically for self-employed workers and independent persons, have a clear schedule of what they will pay for the visit to the doctor’s office, the hospital stay or even the limits of what they will pay for them. tests every 24 hours. . period. This structure is usually associated with the “Compensation Plans”

. If you are presented with one of these plans, be sure to see the benefits program in writing. It is important that you understand these types of limits in advance, since once you reach them, the company will not pay anything above that amount.

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