In today’s modern economy, it’s becoming more common for people to become self-employed.
While there are many benefits and freedoms that come with this newfound autonomy, there also comes many additional responsibilities. One of these is finding a health insurance policy that is comprehensive, cost-effective, and friendly to the self-employed.
Being “self-employed” means that you have a business that makes income, but you have zero employees. Even having a single employee will change you from “self-employed” to “small business.” When applying for an individual insurance policy you will need to calculate an accurate projected annual income to base your plan on.
Many people who have made the decision to become self-employed have enrolled in a plan through their state Marketplace. There are many different types of plans ranging from minimum coverage for worst-case scenarios, to high benefits insurance that provides comprehensive coverage. If you’re used to paying for group insurance through an employer, these new individual plans can seem quite expensive. However, self-employed people are able to use their health insurance payments as a deductible—meaning that they can subtract the annual cost of health care from their annual income when filing taxes. There are many rules and regulations when it comes to this, so be sure to familiarize yourself with all of your options.
If you have a spouse, and you’re eligible for a group insurance through their employer, you will not be able to deduct your insurance cost from your income, so it may be economically preferable to join their plan.
There are many groups geared specifically to help self-employed people get affordable health insurance and file taxes. There are also many professional, religious, or alumni associations that offer their members group rated medical insurance. It’s also possible to set yourself up as a group or small business by hiring a single employee, which will completely change your options for health coverage.
Here at McKnight & McKnight Insurance Solutions we understand that being your own boss can be both liberating and frustrating at times. The last thing you want after working so hard to gain independence is to get fined for not having insurance, wind up spending way too much for your coverage, or having to drudge through hundreds of different policies to find an adequate policy. Instead, let us take care of all of the hard work. Call us today at (813) 792-2301 to set up a phone or web conference with one of our experienced agents and we’ll provide you with all of your health insurance options.
