How To Reduce Out-Of-Pocket Health Costs As A Freelancer
Independent contractors, freelancers, and self-employed people have a lot going. There has never been more opportunity for the freelancer than now, due to the current technology.
Companies are often eager to hire a freelancer to design a website, write technical information, or repair the company printer. If they do not have a continual need for someone, a freelancer is the perfect solution.
But, being a freelancer does not make someone exempt from the law. Freelancers have to report their income to the government and pay taxes on their earnings, just like everyone else. They also have to carry health insurance. It is the law that all American citizens have to have health insurance.
As a freelancer, there is no company paying for a portion of our coverage. The cost of health insurance can be staggering. But we have some tips that may help.
This may seem like it would go unsaid, but many people think all insurance companies are the same. So, they get a quote and try to make do. Instead, get a few quotes. Shop online, and speak to an agent who can explain the ways to lower premiums.
Find out what you qualify for
Many freelancers do not make as much money as full-time employees do. Go to Healthcare.com and see if you qualify for government assistance. Many people are surprised to learn that they can get help, just by applying.
Check with your local Chamber of Commerce. There may be health care share groups that you can join.
If your partner or spouse gets coverage through their job, find out of you can opt into their policy.
Check out The Freelancers Union and inquired about medical coverage through them.
Check with Your Doctor
Before you begin to shop, schedule a physical. Know what condition you are in and find out if there are any concerns that could become costly in your near future. If you need to lose weight, quit smoking, or reduce stress, do it now. These are costly problems that can cause your insurance costs to be higher.
Choose When You Want to Pay
You can have a lower monthly premium if you buy a plan with a high deductible. This means you will be paying less every month, but you will pay a lot of your medical costs before your plan kicks in. For a healthy person, it may be worth the risk.
You will either pay a higher deductible or a higher premium. If your doctor tells you that you are going to need surgery or on-going tests, it may not be your best option. But, you get to choose when you want to pay.
The law says that all Americans who can afford health insurance has it. It says the government will help those who qualify as not able to afford it. The penalty for not having health insurance is not cheap.
Getting hurt or sick and not having overage is an expensive and life-changing experience. One accident can cost thousands of dollars. A serious illness can cost hundreds of thousands of dollars. So, make your choices wisely. Whatever you decide to do should be done sooner than later. There are fines for lapses in coverage.