Self Employed Medical Insurance- find and secure affordable coverage « Health Insurance Advisory

Self Employed Medical Insurance- find and secure affordable coverage

Self Employed Medical Insurance Self Employed Medical Insurance  find and secure affordable coverageAre you self employed or an entrepreneur who is trying to find affordable medical insurance? You are not alone. Roughly 25% of all U.S. workers are considered self employed.

Let us help you uncover one or more medical insurance options that you may be eligible for. Our medical insurance Research Center offers a wealth of information, including a glossary of must know medical insurance terms, summary of the different types of medical insurance and a Medical Insurance Buyer’s Guide and Checklist. There is even valuable information on the new healthcare law, so you can learn how it benefits you.

Employer Sponsored Group Health Plan versus Individual Medical Insurance Plan

When shopping for health insurance for the self employed, unless you have at least one other individual on the payroll that is a non-relative and works 30+ hours a week, you will not qualify for an employer sponsored group health plan. That is why most self employed medical insurance is purchased in the individual market. A few states, however, such as North Carolina and Colorado have more lenient eligibility requirements for self employed persons wanting to establish an employer sponsored group health plan.

Your health status and insurability

Your health status has the greatest impact on your insurability and the price you pay for self employed medical insurance. The healthier you are the lower your premium and the greater flexibility you have in selecting coverage types and options, such as deductible levels and prescription drug coverage. Why? Self employed medical insurance is medically underwritten today. That means most health plans and medical insurance companies require applicants disclose their health history, tobacco status, build (height/weight) and high risk hobbies. Many carriers will also ask for occupation or industry, as several are classified as high risk. Some states will declare these applicants ineligible. Other states, such as Michigan and Florida, do not allow health insurance companies to decline an applicant based on their occupation, however, a premium surcharge up to 45% can be levied.

Since health insurance for the self employed is medically underwritten not all applicants will qualify. If you are unsure if you qualify for self employed medical insurance, you can get instant feedback regarding your insurability without having to apply for medical insurance. We have developed a unique and proprietary tool, called the Insurability Profile Tool™. It is fast and confidential and the user remains completely anonymous. The tool provides real-time feedback regarding how most health insurance companies will respond to common medical questions contained in the Insurability Profile Tool™.

Note: Under the new healthcare law, effective September 2010, health insurance companies must cover children less than 19 years of age regardless of their health status and cannot exclude existing medical conditions from the major medical insurance policy.

Additionally, dependents less than 26 years old can remain covered under their parent’s major medical insurance policy regardless of their employment, student, financial or marital status, or place of residence.

On January 2014, under the new healthcare law, health insurance companies must accept all applicants and pre existing medical conditions must be covered.

24 hour coverage for accident and illness

In most states, owners, officers and shareholders can legally opt out of covering themselves under Worker’s Compensation. Since many self employed individuals choose not to enroll in Worker’s Compensation, it is critical to ensure that coverage exists for work related illness and accidents. That is why extended (24 hour) coverage for work related illness and accident can generally be secured under most self employed medical insurance plans (individual major medical insurance) at no additional cost.

Keep in mind, however, that unlike private major medical insurance, Worker’s Compensation may provide additional insurance protection against lost wages. Whichever option you choose, make sure you are adequately protected against job related illness and accidents either through Worker’s Compensation or an individual medical insurance plan.

Self Employed Medical Insurance Options

Consider the following alternatives when trying to secure health insurance for the self employed:

Health Savings Account and High Deductible Medical Insurance- Health Savings Account or HSA paired with a high deductible medical insurance plan is an excellent choice for individuals, families and self employed business owners who want a low cost medical insurance plan. The premiums are less than traditional major medical insurance and the tax savings will reduce your overall cost of medical insurance and healthcare.

Contrary to popular belief, high deductible medical insurance plans are not more “risky” that traditional medical insurance plans. Actually, they can actually cost you less.  Since the new healthcare law mandates coverage of preventive care screening services at no cost, you no longer have to worry about not receiving preventive care services because of the high deductible.  Learn about the advantages of a high deductible medical insurance plan and how it can benefit you.

Guaranteed Health Insurance – if you have a small budget and cannot afford an individual major medical insurance plan or are unable to qualify for major medical insurance another alternative is Guaranteed Health Insurance, also referred to as Mini-Med, Limited Benefit or Pre-Existing Condition Medical Insurance. This is the cheapest form of medical insurance. Since most Guaranteed Health Insurance Plans are not medically underwritten acceptance is guaranteed.

These medical insurance plans cover a wide range of medical services and supplies, such as hospitalization, surgery, physician office visits, diagnostic services, lab, x-ray and wellness. Unlike major medical insurance, they typically pay a fixed dollar amount for each covered benefit. As a result, they are considered supplemental medical insurance, not major medical insurance. Individuals purchase Guaranteed Health Insurance because they: 1) cannot qualify or afford individual major medical insurance, 2) want an ID card to gain access to the healthcare system in the event that unexpected medical care is needed, and 3) want to save money on healthcare expenses by paying reduced fees negotiated by the medical plan.

Medical insurance for young adults less than age 26 – under the new healthcare law, effective September 2010, young adults covered under their parent’s medical insurance are eligible to remain covered up to age 26. The young adult is not required to live with a parent to be eligible and can even be married. Previously, most young adults “aged off” their parent’s medical insurance when they turned 19 or graduated from college. Find more details regarding medical insurance for adults less than age 26.

Guaranteed health insurance for children less than age 19 – also under the new healthcare law, effective September 2010, health insurance companies and medical insurance plans must provide coverage to children less than age 19, regardless of their health status. Previously, all applicants regardless of age could be denied individual medical insurance or have restrictions put on their medical insurance that excluded pre existing health conditions from being covered. Learn more about guaranteed health insurance for children less than age 19.

COBRA continuation coverage – the Consolidated Omnibus Budget Reconciliation Act requires health insurance continuation coverage be offered to employees, their spouses, their former spouses and their dependent children when employer sponsored group health coverage would otherwise be lost due to specific events. Continuation coverage must be made available for 18, 29, or 36 months. Although generally expensive, COBRA can be an excellent alternative for individuals who cannot obtain an individual or self-employed medical insurance plan due to pre existing health conditions. Learn more about COBRA eligibility rules and other details.

Conversion policy – for individuals currently covered under an employer sponsored group health insurance plan that are leaving the employer, it might be possible to convert the job-based health insurance plan to an individual medical insurance plan. This is called “conversion” coverage. It is not the same as COBRA continuation coverage because benefits are usually reduced or limited. Contact your employer for information.

Health Insurance Portability and Accountability Act – HIPAA guarantees the right to purchase private major medical insurance to “HIPPA eligible individuals,” regardless of health status. HIPAA also prohibits health insurance companies from excluding pre existing conditions under the medical insurance plan. “HIPAA eligible individuals” may purchase an individual or family medical insurance plan directly from health insurers or their state’s High Risk Pool, regardless of health status. Learn more about HIPAA and the five eligibility requirements to be considered a “HIPAA Eligible Individual.”

Medicaid – Medicaid offers healthcare coverage to certain people with limited income that meet their state’s Medicaid eligibility requirements. Generally, children and parents, pregnant women, people with disabilities and seniors are included. Medicaid programs are run by states with a mix of state and federal funding. There are certain core rules all states must follow, but some Medicaid rules vary by state. Visit our Government Plans section for links to your state’s health insurance programs.

State Children’s Health Insurance Plan (SCHIP) – if you are seeking health insurance for your children, President Obama signed the Children’s Health Insurance Bill on February 4, 2009.  It enables millions of children to receive medical insurance. The eligibility rules for the SCHIP are unique because every state has its own program and rules. Generally, uninsured children 18 years old and younger whose families earn up to $44,500 a year (for a family of four) are eligible for free or low-cost medical insurance that pays for doctor visits, dental care, prescription medicines and hospitalization. Visit our Government Plans section for the  link to your State’s Childrens Health Insurance Plan.

Pre-Existing Condition Insurance and High Risk Pool Plans (PCIP) - the PCIP is a new program offered in every state under the new healthcare law. It is administered by either states or the Federal government. The PCIP may help if you are unable to qualify for individual major medical insurance. The PCIP covers major medical and prescription drug expenses. You are responsible for paying the premium, deductible, copayments, and coinsurance amounts. The PCIP will not cost you more just because of your health condition.  Unlike Medicaid, eligibility for the PCIP is not based on income.  See the state specific page on our site for more details.

Other Low Cost Health, Dental and Supplemental Insurance Quotes

Let is help you find and secure other forms of affordable health insurance, including:

  • Inexpensive Dental Insurance – if you are one of the approximately 150 million Americans who does not not have full coverage dental insurance or are paying too much, get an online individual dental insurance quote today.  Choose from a variety of inexpensive dental insurance plans. Keep your own dentist!  Enroll online.  Great for student dental insurance too.   It is fast and easy!
  • Affordable Temporary Health Insurance – are you currently without medical insurance and need temporary medical insurance? Short-term medical insurance may be right for you. These affordable temporary health insurance plans help many self employed individuals fill a short-term gap in coverage, usually 12 months or less. Short-term medical insurance also helps maintain continuous health insurance coverage in order to uphold HIPAA eligibility status. This is important because HIPAA eligible individuals are guaranteed the right to purchase individual major medical insurance, regardless of their health status.  Get covered immediately by obtaining an online temporary health insurance quote today.  You can even apply online. It is simple and convenient!
  • Medical Insurance Overseas and International Student Medical Insurance – are you traveling outside the United States for pleasure, school or business? Medical insurance overseas can provide additional protection should you or a family member require healthcare. Since most self employed and individual medical insurance provide limited or no medical insurance coverage beyond the United States, make sure you are adequately protected before leaving home.  You also receive additional benefits, such as emergency air evacuation and travel assistance if you lose your passport or experience flight delays or cancellations.  Get an online medical insurance overseas quote now and apply online.  Customize your plan based on the duration of your trip and the protection that is important to you.  It is inexpensive and provides peace of mind.
  • Critical Illness Protection – could your family financially withstand the expense of a critical illness, such as cancer or heart attack?  Even though medical insurance covers the cost of surgery and hospitalization, there are still many uninsured expenses, such as deductibles, prescription drugs, nursing, and lost income or wages. Critical illness insurance or supplemental health insurance, such as cancer insurance pays a lump sum of cash upon the first diagnosis of a critical illness. Critical illness protection works well with a high-deductible health plan because the medical insurance premium savings can be used to pay for a critical illness insurance and the cash benefit can be used to help cover the high-deductible and other expenses.  Get a critical illness protection quote and start protecting your financial well-being.
  • Prescription Drug Card Plan – are you presently without medical insurance for prescription drugs? Are you paying out of pocket for expensive medication? Save money on prescription drugs now with a no hassle prescription drug card. There are no pre-existing condition limitations or health questions to answer. Use the card immediately for instant savings. It is great for the entire family. Everyone qualifies, even children. Start saving money on prescription drug medications today. Get a quote and apply online for a prescription drug card.

As a thank you for visiting us, download your free health discount plan. It provides significant discounts on prescription drugs, dental care and vision expenses for the entire family. Do not pay retail again. Get your health discount card now for each family member!

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