5 Affordable Self-Employed

Health Insurance Options When You’re on a Budget

When you are self-employed, finding affordable health insurance options isn’t easy. There are more types of insurance policies now more than ever; However not all of those choices are affordable.  So, how can you find good coverage when you’re on a budget? Continue reading below for some great options to make sure you get the benefits you need at a price you can afford!


1. Telemedicine Services and Secure Doctor Consultations

A budget-friendly health insurance alternative that’s gaining popularity are Telemedicine Services.  Telemedicine services are just like they sound, it’s a medical service that allows you to speak to a qualified doctor via the telephone or video call.

You simply register as a patient and then provide your medical history to the telemedicine company. Whenever you have a small medical emergency or need to ask questions, you’ll be connected to a licensed doctor.

Then, depending on your specifics, they can make an educated diagnosis, provide treatment recommendations and even write a prescription if needed. The best part is that they have access to all of your medical records, which helps them tailor their advice.

Secure Doctor Consultations work almost the same. You can ask a certified doctor any of your health related questions and within a few minutes you’ll be connected to someone who can answer all your health questions and help you come up with a solution. You can also use this service to get a second opinion and finally get the peace of mind you deserve!

Since these services are all done over the phone, or virtually, the cost of a checkup or consultation is drastically reduced.


2. Health Savings Account (HSA)

A Health Savings Account is an account that allows you to have much more self-control over health insurance and tax-free funds. Plus, you get a tax deduction for contributing into it.

An HSA is an account that’s linked to a  high-deductible health plan (HDHP). It allows you and your family to pay for qualified medical expenses using a separate savings account.

Usually you get a debit card with the account, so you can easily pay for everything from prescriptions, to LASKI eye surgery and other surgical procedures.

And the good news is, you own the account! The money you contribute into an HSA belongs to you and your family to do with as you wish. The only rule is that you must spend it on qualified medical expenses to avoid paying taxes or a penalty.

Any interest earned on the funds is tax-deferred and any withdrawals from the account are tax-free, when spent on approved medical expenses.

Unlike flexible spending accounts, any money you don’t use in your HSA will remain in your account from year to year, and continue to accrue interest until you pay for medical expenses with it.


3. Healthcare Sharing Ministry

In the event that you have strong beliefs against government-sanctioned programs, then you should check out a Healthcare Sharing Ministry.

Even if you simply want to stop paying  the open market health insurance prices, a sharing program is a great alternative.

As a member of a healthcare sharing ministry, you get access to a “shared box”. This is where you contribute a monthly premium to help fund yours, and other members’ health care costs. These premiums are almost always lower than traditional health plan costs and can even include dental and vision services at steep discounts.


4. Organizations for the Self-Employed

As a self-employed business owner, you may want to seek out other organizations or unions that can offer you budget-friendly plans and other perks. One new option are Association Health Plans.

Association Health Plans are a type of multiple employer arrangement (MEWA) where small businesses join together and are treated as a single plan under the Employee Retirement Income Security Act (ERISA) for the purpose of purchasing and offering employees health insurance.

Information on this type of plan is still in the works, but here at Total Benefits Solutions we are on top of all of the latest developments. Give us a call if interested in finding out more!



5Total Benefit Solutions

Total Benefit Solutions is an Insurance Brokerage that has been in business for over 35 years. They help Individuals, Medicare Beneficiaries, and small Businesses look into their available options and guides them through the process of applying for benefits and are available, should you need them, after you’re enrolled. Each client works with a licensed, experienced, certified, insured independent broker to support you, your family or your group along with a team of dedicated service specialists. They represent YOU and not an insurance company a regulator, or a government agency.