How Can The Self-Employed Avail Affordable Health Insurance?
Even if you are a small business owner or have just started your own business, your health insurance plans are probably the last thing on your mind. Do you want any unexpected and unwanted medical expense to deter you from achieving your objectives and decelerate the growth of your business? The answer is likely to be a “no”. You must keep in mind that besides giving yourself proper medical care, health insurance plans enable the self-employed to reap dividends from the discounts that the insurance companies offer. If you are now on the lookout for health insurance options that suit your pocket and your profession, go through the tips given below.
Compare The Plans First
In case you want to be 100% sure you are laying your hands on the best possible health insurance plan that suits your pocket, you need to broaden your view and get to know what offers you can avail in your area. You can approach the insurance company, but they won’t ever reveal where they stand against their competitors. When you look out for a substantial health insurance plan on the internet and approach a licensed agent, you have the option of comparing the rates and the benefits. Go through the reviews of the leading providers available in your locality and then know more about coverage details. It doesn’t matter whether you pay the insurance premium online or offline.
Check for Rate Guarantee
When you are availing a health insurance plan for your family or yourself, don’t forget that your chosen insurance company might increase the monthly premiums from time to time. A temporary way of shielding yourself is to hunt for a rate guarantee when you are looking out for coverage. You can also take the help of a licensed health insurance agent. Licensed agents can explain which health insurance companies provide a rate guarantee. While a few carriers might lock the rate applicable for the very first year of your insurance policy, others might lock it for much longer. For the second type, you will have to shell out an extra fee each and every month. You need to do a little bit of calculation and ensure you are saving enough bucks every month.
Pay Health Insurance Premiums When You’re Paying For Your Taxes
In case you are running your own business, you probably might be able to take away the premiums that you shelled out for your family and yourself at the time of your federal tax return. In case you were availing a health insurance plan that was sponsored by your employer, you might not be able to withdraw your premiums. If you are deducting the insurance premium, the amount should not be more than the annual net income that you rake in as a self-employed professional. Take the help of a tax professional to gather more knowledge regarding the various kinds of self-employment status and their individual tax implications. The implications might vary from one state to another.
You Might Consider COBRA Alternatives
A majority of accidental entrepreneurs these days were once asked to leave by their former employers. In cases of getting laid off, you might have been able to lay your hands on health coverage provided by COBRA (it stands for ‘The Consolidated Omnibus Budget Reconciliation Act of 1985’). The COBRA is a federal program through which you get the chance of continuing with the employer-sponsored health insurance plan by shelling out an amount from your own pocket. It does sound like a good option, doesn’t it? However, the option becomes more alluring when the government offers around 65% subsidy on COBRA premiums. With that being said, things might turn out to be way too expensive. Reports reveal that families in more than twenty states can set aside almost $500 on an average every year by availing coverage by themselves rather than by applying for subsidized COBRA.
Hopefully, the tips given above would help you opt for the right health insurance plan. Remember, a worthwhile health insurance plan designed for self-employed professionals would always save you from sky-high medical expenses and unwanted headaches. Make sure you go through all of the plans and the benefits that come along and then decide what’s best for you. Choose wisely!
More in Health Insurance
You Wouldn’t Believe How Young Meghan Markle Was When She Began Working!
Meghan Markle began may be a princess now, but this young woman is by no means spoiled. From a young age, Meaghan...July 4, 2019
Bipolar Disorder Compelled Hasley To Visit Psychiatric Hospital Twice
Ashley Nicolette Frangipane, also known as Hasley, badly desires to maintain quality mental health. Unfortunately, the youthful, talented musician was diagnosed...July 4, 2019
Selma Blair Wont Let Her MS Bring Her Down
Selma Blair is having a hard time lately. She has been on a Multiple Sclerosis flare-up rollercoaster for some months now....July 3, 2019
Gina Torres’ Motivation for Working Out Regularly is Hilarious
Everyone knows that working out regularly is an excellent form of self-care that also boosts your energy. TV star Gina Torres admits that...July 3, 2019
Here’s Why Health Insurance Is So Important
If you’re one who rarely goes to the clinic, then you might think you don’t need a health insurance plan. The chances...July 2, 2019
Gloria Gaynor Undergoes Successful Spine Surgery after Four Decades of Back Pains
Gloria Gaynor, the unforgettable disco singer has been suffering from a continual pain caused by an unexpected stage accident. Doctors recommended...July 2, 2019
Migraines Nearly Ruined Kristin Chenoweth’s Broadway Career
Kristin Chenoweth is a real Broadway star. She has claimed many awards to her name, ever since her first appearance twenty-two years...July 2, 2019
Farrah Fawcett’s Battle Against Anal Cancer
Most people remember Farrah Fawcett as the beautiful and charismatic Jill Munroe, from the legendary 1970s show Charlie’s Angels. For some, she was...July 2, 2019
Angelina Pivarnick Used a ‘Half Keto’ Diet to Lose Nearly 20 Lbs for Her Wedding
Angelina Pivarnick has been taking special care of her body, especially in anticipation of her wedding. But losing weight isn’t always...July 2, 2019