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Health Insurance: Is Obama’s Plan EVER Going to Get Passed?

Health InsuranceAs the Obama health care reform debates continue to rage, the sense of unease experienced by Americans across the country is ever more so frustrating for those who work at home.  As insurance carriers continue to advocate for their side of the debate, it seems that all rational thought the American public may have possessed is quickly turning to craziness and heathen-calling.  While home business owners and those who work at home wait to see if Obama’s plan will actually be implemented, unforeseen medical expenses can jeopardize their finances and their home business.

Other than taking refuge under a spouse’s employment sponsored insurance plan, the other option work-at-homers tend to turn to is an individual, private insurance plan.  This is usually a very expensive option but can seem like the only one.  However, what many home business owners don’t know is that, some states may allow home business owners to be a “group,” and allow them group rates, if they can prove that they run and own a business.

In fact, different associations offer various group rates for those who work at home.  One option, for example, is a Group PPO Plan.   PPOs can become very expensive because of the co-pays involved with doctors visits and prescriptions.  Although they also include a deductible, which can be very high, PPOs are a reasonable option because they let you choose your own doctors.  Be careful, however, because any doctor outside of your network may require an additional copay.

Another option for home businesses can be a Group HMO Plan.  This option differs from PPOs because it requires that your primary care doctor be chosen only from those who are participating in your particular program.  There are many doctors to choose from but you would need to first obtain a referral from your primary doctor in order to see any specialists.  A perk with HMOs is that co-pays are usually much cheaper and there are no deductibles.

Health Savings Accounts are a little known yet advisable option if insurance plans don’t sound like the best idea for you.  HSAs are a good way to pay for your health expenses because they cut out any taxes that those expenses may accrue.  However, HSAs can become excessively expensive because they require you to buy a High Deductible Health Plan, or HDHP, in order to open an HSA.  The deductibles for HDHPs can start as high as $5,000!  Although it is an option, it may be better to carefully look into other options before deciding on an HSA.

Politics aren’t always the most amusing thing to read about during your lunch break, but keeping up with current issues in the case of health care can prove beneficial to your wallet.  Working at home means profiting for yourself, planning your own schedule and being your own boss.  However, the health insurance plan question is just one of the ways that working from home requires research and responsibility.  Make a list of the pros and cons of each plan you are considering and make an educated choice.

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