Health Insurance for the Self Employed
There are a number of options and numerous affordable plans available
to people who are self-employed and are looking for cheaper health
insurance to reduce their premiums. Some options revolve around
selecting only the coverage you truly need while other options may
require you to pay a little more out-of-pocket. Another option that can
save you money on some medical services is to join a discount health
insurance plan; however, you will likely have to enroll another plan
for health insurance for the self employed as these discount plans will
not provide full coverage and you will still be at risk.
If
you are in excellent health, are not on a regimen of daily medication
and don't have any children, you can consider only having catastrophic
coverage which will translate into affordable health insurance for the
self employed due to lowered premiums. You usually won't have to pay
more than $100 a month for insurance coverage for yourself that covers
accidents and possible illness. You can research and compare many
health insurance for low income policies on the Internet, and
often you can apply for coverage through an insurance company's website
and be covered within a 24 hour period.
The money you have to
pay out-of-pocket before your insurance kicks-in is known as the term
deductible, and you can save money by increasing the deductible amount.
By increasing the deductible of your health insurance for the self
employed policy, you can decrease your monthly premiums.
Another
way to affordable health insurance for the self employed is to save
money by paying your yearly premium upfront - you can get a discount
and save a lot of money and often get a better rate by paying you
insurance premium annualy. Those who pay their premiums on a yearly
basis, instead of in monthly installments, will get a discount from
many health insurance companies.
A great way that small
businesses and those who are self employed can deal with the rising
cost of health insurance is to establish a medical savings account. In
order to cover medical expenses as they occur, you can divert some of
your income into a tax-deferred medical savings account to assist with
medical costs. Establishing a medical savings account, in combination
with affordable health insurance for the self employed with a high
deductible, will allow you to pay less taxes on your MSA account - you
can then use the savings to help pay for your insurance deductible as
the need arises.
The money that you expend on your health insurance for the self employed during the year can be claimed as a
federal health insurance deduction on your income taxes. You won't even
have to itemize your taxes when claiming this deduction and it can save
you up to 70% on the expense of your health insurance for the self
employed.
Yes
No
Flag
Comments
Find an insurance agent you can trust to advise you....they should be more concerned with what is good for you, more than what their commission check will be.
You must be logged in and verified to post a comment. Please log in or sign up to comment.