Tips for Finding Health Insurance When Becoming Self Employed
Health Insurance
Being your own boss has its perks, but it also means taking on a whole new set of responsibilities—like health insurance.
Finding the right coverage when you’re self-employed can be daunting, so we’ve put together some tips to help you find the health insurance that’s right for you.
Shop Around and Compare Plans
When shopping for affordable health care as a self-employed person, it’s important to take your time and shop around.
Make sure to compare different plans, looking at both price and coverage options. Don’t forget to check out high-deductible plans, which may have lower monthly premiums than other plans but still offer quality coverage.
Consider the kind of care you need most often—are you looking for basic preventive care or more specialized services?—and make sure the plan you choose covers those needs.
Quality coverage shouldn’t break the bank; there are plenty of affordable plans if you take the time to look for them.
Take Advantage of Tax Deductions for Self-Employed People
Did you know that self-employed people can deduct their health insurance premiums from their taxes?
This is one of many perks that come with being your own boss. Check with an accountant or tax professional about what sort of deductions are available and how much they can save you.
It could mean big savings on your taxes come April.
Look Into COBRA Coverage
COBRA (Consolidated Omnibus Budget Reconciliation Act) allows employees who have been laid off or fired to keep their former employer’s group health plan temporarily.
If this applies to you, it could be a great option while searching for more permanent coverage.
Check with your former employer about whether they offer COBRA benefits, then investigate whether this option would work best for you as a short-term solution while looking into other options.
Health insurance is an essential part of being self-employed, but finding the right plan doesn’t have to be difficult or expensive.
Take advantage of tax deductions meant specifically for entrepreneurs, and don’t forget about COBRA benefits if applicable.
Most importantly, shop around and compare different plans until you find one that fits your budget and healthcare needs—it’s out there.
With these tips in mind, finding health insurance will hopefully become less intimidating and more empowering as an entrepreneur.
Category: Health Insurance
