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Self Employed Medical Insurance - 5 Tips to Bring Your Rate Down
Anyone who makes use of proven advice will easily attract cheap rates for self employed medical insurance without sacrificing sufficient coverage. However, if you get the wrong advice, even though you may still save, it will be by sacrificing the level of coverage you get. Here are some sure ways to get cheaper rates without putting yourself at risk...
Premiums paid by self employed folks may be tax-deductible. You might as well be entitled to a tax break if your employer offers a flexible spending account. This implies that it's wise to talk with your tax professional. This will help you confirm what will give you a tax break and what won't.
Married people can pay less by using the same policy. But before you do this make sure you consider your options to see if this will get you more savings.
This is because based on your profiles and health needs, you may be better off buying two different policies.
Buy catastrophic health insurance instead of a regular plan if you rarely fall take ill and you'll get better rates. You are given coverage for those ailments or medical needs that may come up suddenly.
You will really love this policy if you ever need to pay huge bills due to unforeseen diseases or accidents. The name surely does give an idea of what it provides coverage against. The rate you pay for catastrophic health insurance is quite inexpensive.
Nevertheless, the deductibles are generally as much as $2,000 but they are definitely worth it considering that you hardly get sick and are getting coverage in case a catastrophic sickness or accident befalls you.
Your (self employed) medical insurance rate will be cheaper if you raise your deductible. A deductible is the amount you've opted to contribute before your insurance provider fulfills the terms of your policy. Although it's recommended that you opt for a very high deductible, take care that it's an amount that you can pay readily.
The pharmaceutical industry has big brand names. If you buy such medication, your cost will go up. But will you believe it if I told you that all generic drugs are expected by law to have the exact same percentage of active ingredients as brand name drugs? Where they are free to have any difference is in the inactive agents.
This simply implies that what you get from brand name drugs is the same thing you get from generic drugs of similar specification. Discuss with your doctor about this.
As a self-employed person, you need to be very smart in your shopping. You bear the full cost of your actions. Therefore, take the time out to get medical/health insurance quotes, compare plans and then choose that which tailor fits your needs without bleeding you financially.
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