5 Basic Facts About Health Insurance Policies In A Bad Economy

Health Insurance Policies

There’s a lot of buzz about health insurance policies and health care, but what does it mean for you? It’s good to have general knowledge of the subject, but there’s not a lot of information out there about health insurance policies and what they really mean for you.

5 Basic Facts About Health Insurance Policies In A Bad Economy

1. DOES YOUR PLAN COVER YOU ON AND OFF THE JOB?

Health insurance plans typically have clauses that rule out any claims related to work. This means that if you suffer a condition that may otherwise be covered under workers’ compensation or similar laws, the exclusions will override your benefits. Now that’s worth reading again!

COULD HAVE BEEN COVERED!?

In most cases, an individual of that nature is only required to obtain insurance for his/her business and any employees hired. This can be a crucial step to ensuring your business is in compliance with your state’s personal injury protection laws. However, if you are also working under a contract type arrangement or fulfilling the role of an independent contractor, there may be much more involved (you will want to check with your area’s employment commission or another governing entity). Immediately after starting your new career venture, it’s best that you cover all of your bases so as to avoid future headaches.

2. ARE YOU WRITING IT OFF?

Independent contractors (1099’s) who are self-employed and other business owners know that they are paying 100% of their own costs, which can be challenging. Many people who are paying 100% of their own costs often can reduce their net out-of-pocket costs of a proper business insurance plan by as much as 40%. Why not ask your tax professional if you’re eligible?

You could potentially save up to $80 per month just on vehicle, equipment and general liability terms! And you might be able to deduct your monthly insurance payment depending on the specifics because luckily health insurance is deductible too! Just make sure you ask the right questions in order to receive the tax benefits related to each situation.

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