A Simple Plan: Experts

Health Insurance Options for the Self-Employed

We all need health insurance since the cost of healthcare is very high. The good thing for people who are employed is that there are employers that provide health insurance for their employees. However not all people are employed and some who are self-employed have no insurance to speak of. If you don’t have an employer who will provide health insurance for you, then you should try to get health insurance for yourself.

If you are self-employed looking for health insurance, you can find many options available for you. There are government-vetted policies being offered by private companies that offer different coverage amounts. States are required to run their own insurance marketplace or use the federal one through the Affordable Care Act.

There are many other reasonable health insurance options for the self-employed people who don’t want to use government-run exchanges.

In healthcare sharing ministries, you contribute to health insurance as a group. Monthly premiums go to the coverage of your healthcare and of those in your group. You costs can be cut through this type of insurance. Take time to learn more about this so that you can find the right health insurance for you and your family.

Another great way to ensure healthcare is to open a Health Savings Account. Since this is a savings account, then you have full control over it. This health plan is a high-deductible plan. Money is put into this account which you can withdraw for your medical expenses that meet qualifications with no tax or penalty on it. And what is great about this account is that you put your own money in it. So if you need money for non-medical expense, you can still take it out and use it, but with possible taxes and penalties.

Compare insurance policies so that you can get the best insurance deals. Health insurance can be expensive but you can still look for ways to decrease your cost.

Getting insurance with less coverage helps you to save on insurance. The ACE uses the metal rating system for insurance coverage where platinum covers 90% of your out of pockets cost, gold covers 80%, silver covers 70% and bronze covers 60%.

You can also qualify for savings if you buy through the state marketplace, depending on your income, that is, if it is less than 400% the poverty level.

There are also tax breaks from health insurance for being self-employed, if your income is less than enough to cover the premium. In your tax form, fill up Schedule C with your self-employed income, then you should make schedule C zero by deducting your premiums from it. You can then put the leftover premium costs as an itemized deduction on schedule A. Although this is not sure to work but you can still try it so that you can save money on health insurance as a self-employed individual.