Tips for Small Business Owners for Choosing the Health Insurance

 

Employees receive health coverage from the company they work for. But small business owners and self-employed like yourself do not have that luxury… So I will share some suggestions to find Health insurance for small business owners so that you may be more informed of the right policy for a more secure future. You are investing in protecting your business, health, and legacy. In the following section, you'll find some of the best tips for choosing the right health insurance policy.

Due to the increasing cost of health treatments at different healthcare centers, health insurance is essential for everyone today. You probably have an insurance plan in place for when your cell phone gets damaged or for when your car gets into a fender bender and even to make sure the mortgage is paid.  Ask yourself,  are you prepared for an emergency health expense if you are hurt in an accident or out of work for many months due to an illness?

1.       A Plan That Pays You

 When you are sick or hurt, you need all the money you can get. As the bread maker,  if you can’t work, then you can’t make an income. So, Just as David Beckham insures his legs or J-Lo insures her ASSets, so must you protect the most important thing…and that is your health. Protect your health and your income by considering investing in a health insurance policy. Choosing health insurance ensures that you get timely treatments at the best healthcare centers. Nevertheless, it also ensures that financial hardship does not become a roadblock to your treatment. A good strategy is to get a health plan that pays the doctors and hospitals and laboratories and get a supplemental insurance plan that pays cash directly to you to help fill in the gaps.

      2.  Buy Sufficient Coverage

You will find different health insurance policies from various reputed insurance companies. You will notice various terms and conditions as you keep comparing the policies. Besides comparing those terms and conditions, you need to check the coverage. What does health insurance cover? How much financial coverage does it offer? What are the tax implications and benefits?

An insurance policy covering multiple diseases, including the most critical ones, such as heart disease, cancer, stroke, and heart attack is suitable for you. Moreover, you need to check the coverage amount. Ideally, the amount should be adequate to cover the full expenses of critical diseases(and much more if you so chose). For a self-employed small business owner, 100% of your health insurance premium is deductible, check with your tax advisor on how to make it happen.

       3. Check the Hospitals Listed

The number and name of the hospitals vary from one health insurance policy to another along with your in or out-of-network status. Therefore, you need to check the hospitals in partnership with health insurance policies. You may prefer a certain hospital due to its reputation and service. Is that hospital included in your health insurance policy? Again, you need to check the details before investing in a policy. (check back for a discussion on this later).

3. Know the Exclusions

All health insurance policies come with inclusions and exclusions. One should know them before purchasing a health insurance policy. For example, a health insurance policy may exclude the cost of treatment if the patient is not hospitalized. Similarly, you may find that you may exclude medical costs from the policy. You can avoid a policy if you do not agree with the exclusions. The most common exclusions are for a pre-existing condition which is an injury or illness sustained prior to purchasing coverage.

4. Add-on for Your Health Insurance

You may like a health insurance policy, but certain exclusions may impact you. You can choose an add-on to include those exclusions in your policy. As a result, you will get a health insurance policy with greater coverage. Be mindful that adding new features will incur additional costs. As a rule of thumb, get as much coverage as you can afford. It is always best to have it and not need it than need it and not have it.

So, these are the things you must keep in mind while choosing self-employed health insurance in New York City. Of course, finding the right health insurance will give you peace of mind. Nevertheless, it also reduces the burden of bearing your medical expenses on your family, health, and business.

My name is Valentine Saint Martin. As an Independent Insurance Agent and Worksite Benefits Manager, my focus is on your life, health, business, and income. I am a native New Yorker with over 20 years in the NYC healthcare industry and a small business consultant. I am certified as a Meditation Instructor and Life Coach. My expertise is in helping you understand how insurance works by identifying gaps in your coverage goals so that you can maintain peace of mind knowing you have a safety net in place for life's ups and downs at home, at work, or even when you travel abroad.

 Together with the right supplemental insurance, we will protect your legacy through the education of products that are based on your lifestyle whether it's on the job, off the job, professional or active life. Contact me and learn how I can help you maintain peace of mind, prosperity, and health with life insurance, worksite supplemental benefits, income protection, critical care, cancer care, Medicare, and annuities.