Major Medical Health Insurance Rates

Affordable health care for the self-employed costs much less than you may realize. Catastrophic, comprehensive and HSA plans are very popular options that often feature lower-than-expected prices. And traditionally, rates tend to increase less on these types of policies compared to other types of plans. And yes…every so often, you get a surprise in the mail when you are notified that the rate actually reduced!

At majormedicalhealth.com, we specialize in finding the most affordable medical coverage for self-employed individuals and families. We’ll take the time to preview hundreds of policies from many companies and present you the plans that best provide you with the plans you want and at a price you can afford. Since we represent you, and not the insurance company, our job is never finished until you are completely satisfied. And we’ll also review your existing coverage every year to advise you of any changes that will impact your rate or benefits.

One of the most important considerations is the quality of the coverage and carrier. It is critical to select an  insurer that has a proven track record in paying claims on a timely basis and avoiding (if possible), large rate increases. For that reason, we never recommend any “discount medical plans,” or “limited benefit plans.” These types of policies are not necessarily inexpensive and often feature large gaps in coverage. Also, these are the types of policies that frequently receive many complaints…another good reason to stay away from them.

A high-deductible major medical plan is one of the most common choices for individuals and families that are self-employed. Premiums are often thousands of dollars less than a standard group policy, and most preventive benefits (qualified) are covered at 100% without any waiting period or copayment. A few of those benefits include routine annual physicals, wellness visits, mammograms, Pap tests and preventive colonoscopies. Your health insurer can provide a full listing of these benefits.

Typically, you can purchase a catastrophic  plan with deductible options ranging from $500 to $5,000. A few carriers will offer $250 and $10,000 deductible options. However, if you rarely have office visit (other than preventive) and prescription expenses, a low deductible may be a waste of your money. If you don’t often reach your deductible, then selecting a higher deductible is advisable, allowing you to substantially lower your premium. However, be wary of a low deductible/high coinsurance plan that may have higher expenses than expected.

Health Savings Accounts (HSAs) are also a viable option. Although premiums are higher than catastrophic plans, much broader coverages are provided, along with the opportunity to pay for qualified medical, dental and vision expenses on a tax-deductible basis. Usually, benefits are paid at 100% after the deductible is reached (many catastrophic plans have a 20% coinsurance), so the potential out-of-pocket expenses may be less with an HSA. There are 20% and 30% coinsurance options. But we don’t feel the lower premiums are worth the potential risk you face of massive out of pocket costs.

Self employed persons also like HSAs because of the reduction in out-of-pocket expenses when you use Network providers. Although, many benefits are subject to a deductible, negotiated discounts by the major insurers can dramatically reduce your costs. For example, MRI costs can reduce from $800 to $450, and lab tests can reduce from $150 to $35. Office visit and prescription costs will also reduce, but not as substantially.

We understand the financial challenges of the self-insured. Affordable health insurance plans are available and we carefully research the companies that offer the most competitive rates, and also provide the coverage that is important for you to have. To easily view your options, simply complete the “Get Free Quotes” section at the top of the page. Shortly, you’ll be able to view rates and plan details. Of course, there is never any obligation and we’ll be happy to help with the information you receive.