Private Medical Insurance For Freelancers And The Self Employed

In most cases, large employers and small businesses have the ability to offer a group insurance policy. However, for those who are self-employed, they do not have the luxury of being affiliated with a “group” in the eyes of the insurance industry and generally have to go the private medical insurance route. Any freelancers who work for themselves as independent contractors fall into this category, which includes many writers and web designers, among other professions. These industries are generally limited to purchasing a private medical insurance policy that would be issued directly from the insurance companies themselves. This means no discounts for a group purchase and no direct savings.

However, the limitation to the self-employed when trying to purchase a private medical insurance policy is the extremely high monthly premiums associated with the policy, which will cover the yearly premium, not to mention the health questions asked of which many applicants might not pass. Additionally, when private companies are involved, the possibility of pre-existing condition exclusions is greater to the applicant, which would also bar that applicant from certain coverage options or force the premium costs higher than expected. All of these possibilities act as deterrents to applying for any type of private medical insurance policy; however, private insurance options still exist and can be quite affordable.

Major Medical coverage can be added to a private insurance plan and will cover the various associated medical expenses such as hospital stays and treatment for accidents not covered by car insurance or catastrophic illnesses. Additionally, some long-term health situations are also covered such as someone who needs continuing dialysis, diabetes and so on. In addition to these benefits, some private plans also cover most visits to the doctor and referrals to specialists.

The costs associated with these types of coverage options include co-payments, deductibles, premiums and possibly coinsurance as well. Typically, the deductible that is higher, results in lower premiums and vice-versa. All costs are ultimately based on the amount and type of private coverage chosen.

When a person is working hard everyday it can be quite unsatisfying that they cannot afford to purchase a health insurance policy for themselves or their family, especially considering that most of the self employed workforce are coming out of the arms of a serious recession. However, this no longer has to be a problem because many private medical health insurance policies are becoming more affordable and with numerous options available to the freelancers and self-employed, the chance to pick and choose the perfect coverage to fit any need and budget is easy.