For those people who are self-employed, small business owners or independent contractors have taken a big risk to maximize their opportunity and financial future. Being your own boss comes with many freedoms but it also comes with many risks. One of the largest risks is not having the peace of mind of having an affordable health plan. Self employed health insurance is easy to find and can be purchased as an individual or family health insurance plan.
What are my options?
Many individuals who leave a job are not sure about their insurance and therefore they turn to COBRA. Insurance Coverage through COBRA is a great option for those with pre-existing medical conditions that have to be insured. There are cons to COBRA and that is it's only temporary, usually 18 months. However, you are responsible to pay all of the cost as your former employer will no longer be obligated to contribute. Which brings up another very important issue, cost! Can you afford to pay twice the amount you are used to for the same health insurance coverage?
As with most people, the answer is "No". Your best option is to buy a self employed health insurance plan. As long as you and your family are in decent health, it's simply a matter of finding a policy that fits within your needs and budget.
Self Employed Health Insurance Plans
There are several self employed health insurance choices, which include:
- PPO Health Insurance
- HMO Health Insurance
- HSA Plans (Health Savings Account)
Tax Advantages of Insurance
If you have self employment income, then it is a major advantage for your tax deductions! This includes expenses for yourself, your spouse, and all your dependents. However, you can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in a group health plan. Also, the deduction cannot exceed the earned income you collect from your business.
The best way to narrow down your options is to speak with one of our licensed insurance solutions professionals. We will provide expert advise and free quotes with no obligation.
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