How to Use Your Paycheck to Pay for Independent Health Insurance

Finding affordable healthcare is a major concern for many people across the country. The cost of healthcare, from regular check-ups to paying premiums is enough to keep people up at night.

When you have independent health insurance, the challenges are even greater because you’re shouldering the costs yourself.

Read on to find out how to get independent health coverage and how you use your paycheck to pay for it.

What Is Independent Health Insurance?

Independent health insurance is insurance that you get outside of your employer or your spouse’s employer’s group plan.

In some cases, you get independent supplemental insurance, which can cover some medical expenses that your health insurance doesn’t cover.

Common forms of supplemental insurance are dental and vision insurance. A lot of traditional insurance plans don’t include vision or dental coverage, so you have to seek policies that will.

How to Get Independent Health Coverage

There are ways to get independent coverage. One is through the Healthcare Exchange and the other is through private insurers.

If you’re self-employed or don’t qualify for health insurance at your place of employment, you may be eligible for insurance through the healthcare exchange. You also can’t qualify for health insurance through your spouse.

You may be in a situation where you are eligible to receive insurance through your employer, but the plan that’s offered doesn’t meet your needs. You can turn to private insurers outside of the exchange.

Supplemental insurance is also available through private insurance companies. You’ll need to shop around to find the most affordable plan that offers what you need.

Paying for Your Insurance Plan

When you get insurance through your employer, they’ll pay for part of your premium. You’ll have your share of the premium withheld from your check.

You can do the same with independent health insurance. Since you’re going outside the group plan, your employer will not pay for part of the premium. That’s on you.

You can go to your HR or payroll department and ask to have the funds withheld from your paycheck. These funds can be set aside to pay for your premiums for individual insurance.

If you’re self-employed, you may want to create pay stubs, so you know how much you need to set aside for your premiums.

If your HR or payroll department agrees to withhold funds for your health insurance premiums, you’ll want to look at your pay stubs to verify the correct amount was withheld. ThePayStubs has this rundown of payroll deduction codes, so you know what to look for on your pay stub.

An Easy Way to Pay for Independent Health Coverage

Healthcare is a complex world. The costs keep going up, making it tough to get affordable coverage that you need.

You have more options when you explore independent health insurance. This is coverage that you pay for that is for self-employed people or plans that are outside of your employer’s group plan.

The best way to pay for these premiums is to withhold the funds from your pay, making it easier to make your payments each month.

Check out this site again for more helpful financial tips.