such as laptop computers, that you use during travel. Depending on what you do, you might be able to find a policy for as little as $500 a year, Ralph says, but it depends on the risk associated with your work.
Being an independent contractor can be extremely lucrative depending on your skill set and ability to generate contracts. But managing your finances will keep you from turning your new-found freedom into a disaster.
— Additional reporting by Janelle A. Williams
MORE HEALTH INSURANCE TIPS
The following is advice on how
you can reduce insurance costs and keep your bank account healthy:
- Save money by paying premiums annually.
- If you and your family have enjoyed good health for a number of years, consider a higher deductible to save money.
- Make sure your policy doesn’t exclude pre-existing conditions.
- Review your policy each year; make sure you know what’s covered.
- Check with professional organizations since many offer group plans at lower rates.
- Some credit unions, credit card companies, alumni associations, and similar organizations offer health coverage.
- Identify discount cards to save money on exams, procedures, glasses, and contact lenses. Depending on the amount of the discounts, the cards may cost $10 to $25 a month.
- If you have a spouse, consider getting on his or her plan. Many companies now offer benefits for domestic partners, which can include same-sex and non-married couples.
- Start a health savings account to set aside tax-free money for health-related expenses.