A survey conducted by University of Phoenix found that 63 percent of young adults want to or do own their own business.
It’s also estimated that by 2020, 40 percent of the American workforce will be freelancers, according to a study by Intuit.
What this means for health insurance
If you work for yourself or wish to in the future, you’ve probably wondered how you’ll acquire health insurance for yourself and your family.
Since more than half the population is covered through their employer, where does this leave you?
In this situation, your only option is to get an individual health insurance plan. Luckily, those don’t have to cost an arm and a leg.
How to save on health insurance
Working for yourself brings about many positives – including setting your own schedule, being fully in control of the future of your business, the ability to spend more time with family and the chance to do what you love and actually enjoy working.
Of course, like anything good in life, there can be challenges.
You’re now responsible for finding your own health insurance to cover you and your family.
Tips on saving on family health insurance include:
1. High-deductible plan – This can be a good option for those families that are currently in good health. A high-deductible plan makes your monthly premium significantly lower. If anything were to happen, though, you’ll have to cover the cost of what your deductible is, so make sure you have enough money saved up in the event of an emergency.
2. Shop around – Different companies offer different plans for different prices. In order to get the best deal possible, get a variety of quotes from companies and see what suits you and your family best.
3. Look into government assistance programs – Depending on your income, you may qualify for health insurance through the government. Most states have plans for those at or below poverty level, but some offer plans to those just above poverty level, too.
4. Use doctors in your plans’ network – By staying in your network, you’ll save money on everything from copays to hospital bills. If you already have certain doctors you like, research what companies have those doctors as part of their network.
5. Purchase generic drugs instead of name brand – Name brand prescriptions can cost hundreds of dollars out of pocket, whereas generic drugs cost significantly less. Generic drugs are FDA approved and provide the same benefits as name brand.
6. Keep yourself healthy – Those with pre-existing health conditions, such as diabetes or high blood pressure, will pay more for health insurance than those that are generally healthy. Tips on getting healthy including eating a diet rich in fruits, veggies and lean meats, exercising regularly (150 minutes per week is the recommended amount by the American Heart Association), quitting smoking, getting adequate rest, living a less stressful life and keeping your weight in check. By being healthy, not only will your insurance plan be cheaper, but you’ll also reduce your chances of developing a chronic illness or condition.
Photo credit: Image courtesy of Stuart Miles / FreeDigitalPhotos.net
About the Author: Sarah Brooks is a freelance writer living in Glendale, AZ. She writes on health insurance, small businesses and personal finance.