Business owners are not required to carry health insurance, but medical costs and expenses can add up quickly. If you have to foot the entire bill by yourself it can get extremely expensive. Even if you and your family are healthy the “unthinkable” can and may happen when you least expect it.

Being prepared for medical emergencies is a wise investment. Accidents are certainly not planned, everyone would like to think “it won’t happen to me,” but when reality sets in we realize it could happen to anyone. There are companies who offer individual and small business plans for the self-employed. You may not be able to get as many benefits as you would if your worked for a large corporation, but most individual plans cover the necessities and are designed to help pay for large expenses such as emergency and hospital care.

Finding a Good Insurance Company

Health insurance costs have increased significantly in the last couple of years. Premiums continue to rise. Many self-employed people do not have insurance because it is so costly. You may think affordable health insurance is out or your reach, however you do have options.

How can self-employed people get quality, affordable health insurance? Here are some tips on finding a good health insurance company:

1. Shop the market. You should always get at least 3 quotes so you can get an idea of the price range you fall into.

2. Ask other business owners, friends, family and colleagues for referrals.

3. If you don’t have enough time to research different companies yourself then use a respected insurance agent you trust to represent you and your family.

4. Weigh all of your options. Become educated about the health care industry and decide what is the best option for you and your family.

5. Know your rights. Look into federal assistance, tax laws and the small business industry standards.

Resources for Insurance Price Quotes

There are many sites on the Internet where you can get free insurance quotes. Places like www.lowermybills.com and www.ehealthinsurance.com have done the homework for you. They offer side-by-side quotes from reputable companies.

Small business owners can also look into small group plans. Sometimes these plans are less expensive if you have a limited number of employees who want to join together on one plan. Large insurance companies like Intermountain Health Care, Blue Cross Blue Shield and Cigna offer individual plans. The individual and small group plans are similar to those offered though large companies but generally things like maternity expenses and chiropractors are not covered.

Another option is to find an insurance agent who will walk you through the process and help you select a customized plan to fit your needs. Again, you can ask family members and colleagues for agent recommendations; make sure you choose a reputable agent who will be concerned about your welfare and not a commission check.

When selecting an insurance plan you should know the basics like what is the deductible, what physicians are covered, what hospitals are covered under the plan and does it include vision and dental. Know your facts before you select an insurance plan for your family. What kind of plan will satisfy your needs?

Keeping Insurance Costs to a Minimum

Health insurance is important for families to have, even though it is not required by law to carry health insurance it is a good idea to make sure you are prepared in case of an emergency. Medical expenses can add up quickly. There are several things you can do to keep the cost down on your medical insurance plans.

Some helpful tips for keeping your premiums low:

• Compare hospitals and prices: Some hospitals charge higher fees than others. Make sure the hospital you are going to is covered by your insurance.

• Only go to the emergency room in an emergency: If your regular doctor is not available find a different physician to see you. If you child gets sick on the weekend when the doctors office is closed try a 24-hour center or an Urgent Care Center.

• Use common sense: If you are not seriously ill and suspect it is just a cold or virus then stay home and treat it on your own. Don’t run to the doctor every time you have an ache or pain.

• See if there are free clinics in your area: Families can save thousands of dollars by taking advantage of free immunizations and other screenings.

• Transfer your dental X-rays to your new dentist: Since you paid for the X-rays they are yours so you can take them with you. The film can cost $20-$50 dollars so if you just had them done then why pay for them again.

• Have your doctor prescribe generic prescription drugs: You can save money by not using name brand medicine.

• Choose a higher deductible: If you do not go to the doctor often but you are carrying insurance in case of an accident or emergency then a higher deductible makes sense because it will keep your premiums down.

• Review your policy: Make sure there is a ceiling on out-of-pocket expenses for catastrophic illnesses. You need a stop-loss cause, which limits the policyholder payout to $2,000 or $3,000.

• Take advantage of free health tips and advice: You can educate yourself on your health by reading books and other resources available at your local library or health department.

Health insurance is as important as life insurance, liability insurance for your business and car insurance. Small business owners tend to have so many expenses to deal with sometimes things like health insurance get overlooked or put at the bottom of the priority list. When you are self-employed medical costs and insurance is tax deductible; this can certainly help alleviate some of the cost burden. Even though health insurance is optional it is a good idea to obtain some kind of health care supplement. One serious illness or accident can “wipe you out” financially if you are not covered. It is almost like you can’t afford not to carry some type of health insurance.