Health Insurance Tips for Freelance Workers

One of the most important advantages that regular employees enjoy is entitlement to benefits such as Social Security and health care.  A certain percentage of the monthly pay is automatically deducted as contribution for these services, including taxes.  Furthermore, the HR department takes care of all these so it’s the least of an employee’s worries. 

On the other hand, freelancers are in-charge of managing their time, projects, and personal finances.  When it comes to health concerns, freelancers or independent workers are usually at risks.  According to FreelancersUnion.org, a company that provides health insurance and benefits for the self-employed and freelancers in the US, “there are 42 million independent workers in the United States” who do not receive standard benefits. 

The New York Times  reveals that medical debt is cited as a substantial factor in the increase of personal bankruptcy filings.  Lack of health insurance poses a serious threat.  The high costs of hospitalization, medication, treatment and health care services are obvious; and no one is exempted from illness, accidents and other health-related issues.

If you are a freelancer, having a health insurance plan or a healthcare benefits plan is a valuable investment and is something that should not be overlooked.  Below are four practical pointers to remember before acquiring health insurance.

Comparison shop.  Private insurance companies offer varying plans and prices which is why you will need some time to explore and compare your options.   If you live in the UK, check out Paycare.org, a healthcare benefits service provider for individuals, families and businesses.

Know your personal needs.  Do you have a preferred hospital or do you prefer the services of a particular doctor?  If so, make sure that your chosen health care providers are affiliated with the prospective insurance company.  Check out Healthcare.gov to find the health insurance plan best suited to your needs and to compare health care and service providers.  The website is managed by the U.S. Department of Health & Human Services.

Seek professional assistance.  A health insurance broker can help you find the insurance coverage that is best suited to your needs and budget, explain the details of the plan, and assist you throughout the process.  Check out the National Association of Insurance Underwriters or the National Association of Insurance Commissioners to find a reputable health insurance adviser.

Open a Health Savings Account. An HSA is ideal for people who only plan to use their insurance for annual check-ups or occasional visits to the doctor. With an HSA, you can raise the amount of your deductible to lower your monthly insurance fees.  What’s great about an HSA is that funds will be availbale for any unexpected medical expenses and when you reach the age of 65, you can withdraw any money you didn't use and spend it as you like.

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