private condition assurance - Cobra and Other assurance Snakes

Self Employed Health Insurance Deduction - private condition assurance - Cobra and Other assurance Snakes

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If you have been let go from your business or are self-employed, buying personal health assurance can be daunting. As much a necessity as home and auto insurance, health assurance has dozens of providers touting hundreds of plans.

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Self Employed Health Insurance Deduction

The recently unemployed can buy this coverage in the form of Cobra, which is basically buying the old company's plan directly. This choice provides continuous coverage and symbol shock, as the personel suddenly realizes the true cost of their employer's heavily subsidized health insurance. Premiums are high because the assurance business takes into list all the people they must insure (employees and their families). That's the bad news.

The good news is, if reasonably healthy, one can buy a personal health assurance policy for considerably less. Before hitting the open market, insight a few basic health assurance terms and pricing parameters is a must and will go a long way towards picking a plan that fits you the best.

There are primarily two types of plans: one deductible and coinsurance plans. One deductible plans are commonly very straightforward. The insured agrees to pay for all medical out of pocket expenses (at a discounted Ppo rate) until they have reached the policy deductible limit. Once met, all other expenses are then picked up by the assurance company. Coinsurance plans also have a deductible. On top of that, once the deductible has been paid, the insured must also pay a quantum of all remaining bills (typically 20%) until they have met the coinsurance limit, which can be in any place from ,000 on up. For example: an personel has a coinsurance plan with an every year deductible of ,500, and a coinsurance limit of ,000. Worst case scenario, the insured pays a total of ,500 for the year. After that, the assurance picks up the remaining bills 100%. Fine Print Alert: most coinsurance plans for families are x 2; meaning a family on this plan will have to pay two deductibles and two coinsurance limits before assurance covers the rest.

So what is a Co-Pay? I love this term. It's more "insurance speak". A Co-Pay is a pre-determined dollar estimate you pay for physician visits and is not applied to any deductible or coinsurance limit. It's like a cover fee to see the doctor. One could conceivably fork over ,000 in deductible/coinsurance fees and still pay - a pop for the privilege of finding their doctor.

Generally, the higher the deductible and coinsurance limits are, the economy the monthly premium will be.

Keep in mind we are discussing Major medical Plans. Thanks to the up-to-date health care law, newly issued major med plans have no cap on what the assurance business has to pay for medical claims after deductibles/coinsurance has been met. Non Major medical assurance is when the assurance business has a cap on what they will pay, and the insured has to pick up the rest. If at all possible, all the time select a major med plan, since the open-ended financial burden rests with the assurance company, not you.

Now armed, speculation into the open shop and find a policy that fits your needs the best. The quickest, easiest, and cheapest way to do this is to work with an assurance broker to shop for you. Good brokers will have passage to complicated assurance companies and should find the best rates and plans available. By contrast, working with a direct writer (Blue Cross / Humana agent) limits your choices because that agent can only contribute their company's policies.

Remember: make sure you are selecting a major medical plan. If an agent is "selling" a family assurance plan for a month, chances are it is not major med, and you could still suffer horrendous financial hardships from skyrocketing medical bills.

Kirk Gaertner

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