Health insurance coverage keeps many people from taking the leap into entrepreneurialism.
The benefit of having employers carry the burden of insurance premiums hinders the entrepreneur from following a passion or a dream. Finding affordable health insurance can be simple and open doors for entrepreneurs that would have otherwise remained closed.
1. Why do you get insurance? Understanding the needs of the entrepreneur will make finding the right health insurance an easier job. Couples that are considering the option of having children will need more comprehensive coverage. The more medical needs that may be anticipated then the more coverage that will be desired.
2. What are your habits? Entrepreneurs that visit the doctor once a year for an annual check-up will be able to save on co-pays and other costs.
3. What are your current health habits? Bad health habits, like smoking and drinking, will drive the cost of health insurance premiums through the roof. Entrepreneurs should consider breaking those bad health habits, taking off the extra weight and developing good health habits to reduce the cost of insurance.
Health insurance can only be sold in the state where the entrepreneur is based. Unlike homeowners insurance and auto insurance, health policies cannot be sold from state to state. Entrepreneurs may be limited in the choices available for health insurance, but every search for affordable coverage should begin with finding all of the available companies in the state.
Write down all of the benefits that are needed from a health insurance policy.
Deductible – the amount that must be paid by the policy holder before the insurance company begins coverage. The higher the rate of the deductible for an insurance policy then the lower the monthly premium will cost. Entrepreneurs can find affordable insurance by choosing the highest deductible available. It is important that savings be in place that match the deductible and that the money saved on monthly premiums be reinvested into the savings account.
Co-pay – this is the amount that the policy holder will pay for a visit to the doctor, emergency room, or other medical provider. The lower the co-pay then the higher the premium will be. Entrepreneurs can save money on health insurance by choosing a higher co-pay or no co-pay at all (and pay for visits out of pocket).
Participating Provider – not all doctors accept all insurance policies. The insurance companies work out deals with different doctors to accept the payments that the insurance companies deem appropriate. Entrepreneurs should see if their existing doctors are part of group or if there is a doctor in the group that would accept them as a new patient.
Once all of the information is written down, the entrepreneur can begin to compare different insurance policies and different insurance companies to find coverage that fits the individual's needs and budget. Finding affordable insurance can be the one step that an entrepreneur needs to begin pursing new opportunities.