Living With Little or No Health Insurance

Posted in Money Saving Tips by Brian ·  

Now that a new President-elect has been chosen, many people are wondering how that will affect them especially if they’re living with little or no health insurance.  When you’re thinking about changing employers or striking out as an independent driver you may be afraid to lose what insurance you have.  Can you live with reduced insurance and is it something to consider when the employment winds blow?

If you’ve always worked for a large freight company you’ve probably always had your health insurance provided.  If you become an independent driver, whether you’re a man or a woman, you’ll have to pick up the insurance tab on your own.  If you do your research, you can find affordable health insurance when you become self-employed.

You may be tempted to continue working where you are because you’re afraid to lose your insurance, especially if you have a medical condition that would keep you from being insurable under a new, individual plan.  Women truckers in their child-bearing years who don’t have insurance may also find that a pregnancy underwriter is too expensive.  In both cases you may feel your only choice is to stay put no matter how you feel about your current employer.

Perhaps your family history isn’t dotted with serious illnesses like high blood pressure or diabetes.  Everyone in your family has had the normal health problems but nothing that would be considered a pre-existing condition.  Your chances of finding health insurance to meet your needs are greater than if someone in your family has been seriously ill.

Does your spouse work and does their company provide insurance for their employees?  This may be one option to consider if you’re changing jobs.  Your state may also have “guaranteed-issue” health insurance which means you must be offered insurance in those states regardless of your health history or that of your family members.  It is wisest not to drop any health insurance before discussing the consequences with a health insurance professional in your state.

You may have heard about association-endorsed policies.  Be careful before signing up for health insurance.  Because they are not limited by the same rules as an employer might be, they may be able to raise prices more than an employer would.

Luckily, if you have to purchase your own health insurance for you and your family, you can now deduct some of the costs of the insurance premiums on your federal tax return.  You can’t have health insurance premiums greater than your federal taxable income, but you can count health insurance premiums as a legitimate business expense if you are self-employed.

When looking into individual insurance policies, if you’re relatively healthy and can afford routine visits, consider purchasing “catastrophic” insurance which will cover you in case of a serious illness.  Since the premiums are lower, it may be something to consider.  If you can pair this catastrophic insurance with a Medical Savings Plan, you may be far ahead of the insurance game.

Living with little or no health insurance is possible if you have to.  You may be thinking about becoming an independent driver.  These ideas may help you make a more informed decision.

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