How Can I Save On Health Insurance If I’m Self-Employed?

By Cathy Wilson Posted in Health Insurance News

For the self-employed or for unemployed individuals, one of the largest expenses to incur is the cost of health insurance. Since the individual is purchasing a single person policy, the costs of self-employed health insurance are drastically higher than the costs incurred by employees of large corporations. While the costs of health insurance are high for the self-employed, there are many ways to save on those costs. This article discusses various ways of how the self-employed can save on health insurance.

Raise Your Deductible

The first way to save money on health insurance for the self-employed is to raise the deductible. A deductible is the amount of out of pocket expenses that the insured will be required to spend in the event of a major incident, such as breaking a bone or requiring very expensive medical treatment. By raising the deductible by another $1,000, the insured could save hundreds of dollars each year in health insurance premiums. The insured should be sure to keep the value of the deductible in a liquid account.

Bundle Your Policies

Another way to save money on health insurance is to bundle the policies. Many health insurance providers will offer a significant discount if an individual bundles all of their health insurance products under one plan. These products include health insurance, dental insurance, and vision insurance. This discount is similar to an individual who combines their homeowner’s and auto insurance policies into one policy.

Join a Group

Many unions and trade associations, which are designated for the self-employed, offer health insurance options. While they may be more expensive than those offered by major corporations, the union provided health insurance is cheaper than paying for a single plan.

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