Top five money saving tips on medical insurance for self-employed persons.

Buy in Bulk: Many people go to Sam’s Club or Costco and buy large quantities and save money. Same thing applies for medical insurance. If you can afford a full year’s worth of premiums, you can save a bundle with most companies. This is the best way to get your cheapest overall rate for self employed medical insurance if you can pay a full year.

Taxes, taxes, taxes: When tax time comes around, make sure to take that health insurance deduction. You can deduct up to 65 to 70% of your health insurance costs even if you don’t itemize everything.  Speaking of taxes, getting a MSA or Medical Savings Account can save you money as well. An MSA allows you to set aside tax-deferred money to pay your medical expenses for the year.

1st class or coach? : If you need all the bells and whistles, you can get a policy that copies traditional policies. You can get low co-pays, deductibles, and prescription prices, but you will pay for it. If you are young and in good health, you could consider a catastrophic or major medical policy.  Someone who has no children and very few prescriptions can benefit greatly from this.  It just covers you in case of major illness or accident, and doesn’t cover doctor’s visits.  If you shop around online you can find some for under $100 a month without much problem.  These days you can also apply for it online and be covered as quickly as a day or two.

Deductibles are Debatable: Deductibles are the amount of money you pay out of pocket before the policy pays. Higher deductibles keep the premiums low.  On the downside, you will have to pay more later, so don’t raise it so high you have no chance of paying the deductible.  See what the difference is in premiums at different deductible levels. Online shopping and quotes for self employed medical insurance can help make this much easier and also check out these easy tips.

Check out the competition: There also is no substitute for comparison-shopping. Open several browser windows and crunch the quotes side by side. You could be very surprised.  Also check out the companies on the Better Business Bureau website and others to make sure you are getting a company with a solid reputation. You want your savings to have maximum value.

 It is said that 1 in 4 self-employed people don’t have insurance.  Don’t fear the cost of medical insurance if you are self-employed anymore. With these tips, hopefully you will find yourself saving as much money or more as if you were on an employer plan and be at ease to enjoy your self-employment adventure without worry.  The experts highly suggest that you obtain a minimum of three free online quotes.