Dental Insurance Coverage for the Self-Employed
We live in an age of entrepreneurial innovation. Professionals are passing on corporate life and becoming their own bosses. Today, freelancers, the self-employed and contract workers account for 30% of the national workforce, and that number is expected to increase to 40% by 2020.
But working outside the box means we have to account for all the details, including dental insurance. Whether you freelance with travel photography, drive strangers in your car or own your own business, take these three steps when considering coverage:
1. Evaluate your needs
Will your family experience a dynamic change? Do you have a health condition that may require more dental attention? Factor in every scenario to choose the best coverage for your lifestyle.
Remember: even if you have never had a cavity, dental coverage is always a good idea.
2. Consider all costs
When you're self-employed, dental coverage affects your bottom line. Research your insurance provider's costs:
• How much does it cost per a month?
• Is there a deductible?
• Is my dentist in their network?
• What's the waiting period?
Remember: In the long run, paying out-of-pocket could end up costing you more than having coverage in the first place.
3. Research alternatives
You work an alternative style—you may need a plan to match. Here are some alternative options for coverage:
• Savings Accounts – MSAs, HSAs and FSAs are good options to help save up for dental or health care. They work like a savings account for dental and health expenses.
• Government Assistance – Depending on your circumstance, you could qualify for certain low-cost programs.