How To Save Money On Medical Bills As An Independent Contractor

At Hello Lovely Living, a large part of my work involves helping women start a new business by creating a brand from scratch. Although I do love this line of work, my passion is in helping, guiding, and offering advice in other areas of business and life, which is why this blog truly exists.

I know how scary it could be to enter unknown territory, so if I can offer my experience as proof that you can get through all of the hiccups of starting a new business, I will gladly do so.

With that being said, today’s article touches on just a small piece of the pie when venturing into running your own business. Many of the things that you will encounter are not as frilly and cute as the branding and visual identity of your brand. Much of running a business requires that you take matters into your own hands and develop solutions to an endless amount of problems.

One of those problems that I have encountered is having to figure out the insurance dilemma as an independent contractor. When you work independently, you are responsible for providing yourself with your own insurance. This means that you will have to do a lot of research about how to get the best and most cost-effective coverage as an independent contractor.

This can be a very time-consuming and stressful process in comparison to if you were just simply employed by a company and provided with your healthcare coverage right off the bat. Not to worry, with the market opening up more than ever before to independent contractors with the rise of services such as Uber, Lyft, and Postmates, healthcare coverage is getting more easily accessible to those who are self-employed.

I know just how hard it can get when it comes to dealing with medical expenses when you do not have insurance. I was without healthcare insurance for quite a while and had to pay out-of-pocket. Although it was rare for me to get sick or need care, it was very stressful knowing that if something did happen to myself or my son, we would not be covered. 

If you are on the same boat as I was at the time, here is some advice to keep those medical costs down or a few things to consider that may help you get to your end goal, which is to get reliable healthcare coverage for yourself and your family.

Look for group discounts

As I mentioned earlier, companies such as Uber, Lyft, and Postmates (to name a few) that employ thousands of independent contractors are leveling the playing field for us all. These companies offer access to third-party services at group discounts, making it easy to save on anything from shopping at your favorite stores to health insurance.

Of course, not all of us will fall under this umbrella, so look into membership benefits that are offered through your bank, perhaps. It’s worth looking into online banks that offer discounts on a wide range of expenses.

Know when to make a legal claim

In situations where you may have been injured or made sick through the negligence of someone else, it’s possible that you may be able to make a legal claim. This could give you access to compensation, which you can then use to pay for the required medical treatment.

To increase your chances of getting your claim accepted, it’s worth using a credible law firm such as this company with almost 30 years of legal experience. Online reviews can often give you a good indicator of a law firm’s integrity.

Pay in advance

Some clinics may allow you to pay for treatment in advance in installments. The overall price of treatment may even be reduced if you’re willing to pay far enough in advance.

This won’t be helpful when it comes to emergency treatment, but it could be useful when paying for planned treatment. Clinics may not offer the option up-front, so make sure to inquire about it when discussing treatment with your doctor.

Shop around for treatment

Different clinics may offer different pricing for the same treatment plan. As a result, it’s worth shopping around.

Additionally, getting treatment abroad can be much more cheaper. However, you do need to factor in the flight costs.

You should also shop around for medication, as this can also vary in price. When it comes to over-the-counter drugs, many people stick to the big brands, but it’s likely that there could be a cheaper off-brand available that is just as effective.

Get health insurance

Getting health insurance is definitely the end goal. Like I said earlier, there are many options available for idependent contractors in 2019. The benefit is that by paying monthly installments, all or a portion of your medical bills can be paid for by your insurer.

You may end up paying more in the long run. However, it will be easier to foresee and budget those costs rather than having to pay out-of-pocket for unexpected medical treatment.

Of course, you should always shop around to find the best rates. There are many companies offering health insurance to people who are self-employed. There are even family plans out there that can insure your whole family.

I hope you found this article helpful and that it offered solutions or gave you a few ideas you can launch off of.  

If you are needing help with starting a new business endeavor, get in touch with me! I offer consultations and would love to help you achieve your goals.

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