Best Health Insurance

By: EconomyWatch Content   Date: 11 February 2010

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Choosing the best health insurance plan is a tough ask for most individuals and small business owners. From a fee-for-service plan to a plethora of options available in today’s market, everyone is spoilt for choices. You need to know what options are available to you, what they offer, and most importantly, whether or not you will be able to afford them. Keep in mind that there is no “one size fits all” rule and there are several factors to consider before you sign on the dotted line.

                          

The challenge is to find the best compromise between need and budget. The needs of a corporate executive are vastly different from someone on the threshold of retirement. Likewise, the health insurance requirements of any business are different from the needs of an individual.

Best Health Insurance: Individuals

Health insurance for individuals depends on many questions like pre-existing conditions, how comprehensive the plan is, chronic illnesses of the individual, injuries caused by accidents and availability of surgical procedures. In order to save money, you can find the best plan through careful shopping and assessing a variety of options before settling for a particular plan.

 

If you have just graduated or are in between jobs, you can look for a low-cost, short-term medical policy. These policies offer lower premiums due to low risk factors, and can cover you temporarily against major medical problems that otherwise can put a strain on you financially. These low-cost plans are designed for one to six months of coverage. Some also allow you to purchase coverage up to a year. The downsides of such policies are that they do not cover preventative care and pre-existing conditions.

 

If you are a self-employed individual, you can join an association-based plan like the National Association of the Self Employed. Other options include credit unions and your local Chamber of Commerce.

 

Best Health Insurance: Small Businesses

If you are the owner of a small business and employ between 2 and 50 individuals on your payroll, your are eligible for health insurance policies for your employees and your self. Health insurance for small businesses generally has lower premiums and extensive coverage for everyone. Employer contributions are 100% tax deductible and your employees can save on payroll taxes. The reasons why you should opt for health insurance include:

·        Health insurance is one of the components that ensure the wellbeing of your employees and make them productive

·        You want to retain your top employees

·        Health insurance is a great vehicle to save on taxes

·        Rates are cheaper in case of a group insurance plan.


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