When shopping for auto insurance, you are typically presented with a “full coverage” policy.
That includes uninsured motorist, liability, bodily injury, collision and comprehensive coverage. Additional options for your policy may also include rental coverage, towing or roadside assistance.
Now if you have a newer model car, full coverage may make sense. But if you have an older car with a low cash value, full coverage may not make financial sense. If your car has minimal value, you may not need collision or comprehensive. If you have limited income, you can typically get by with low liability limits, and save money, versus high liability limits, which cost more.
My point is, you have a lot of choice for how much auto insurance you may need, based on your individual needs.
Health Coverage options can now provide you with more choices, so you can shop like you do for auto insurance.
The “full coverage” health insurance policy provides you with a comprehensive plan that includes 10 essential health benefits, as required by the Affordable Care Act (ACA), sometimes referred to as an “Obamacare policy.”
Well now that the mandatory penalty for not having an “Obamacare” policy has been eliminated, you can consider saving money by considering health coverage that does not include all the coverage required by the ACA. You may not need “full coverage” health insurance.
In 2020, it’s worth reviewing ALL your options for saving money on healthcare. Why pay for a health plan that covers more than you need. There are options for plans that cover less, and cost less, that can work great for you. And as a solopreneur, with the savings from your health coverage plan, you can include other supplemental coverage, like dental, vision, accident, and life insurance, and design your own personalized benefits plan.