Health Insurance Tips
Health Insurance Tips for the Self-Employed
Being self employed is a dream many people hope to achieve sometime in life, there are indeed numerous benefits associated with it. However, those who are self employed will tell you that there are challenges too. For instance health insurance seems out of reach to a lot of people who are self employed. The main reason is that health insurance is not among the priorities of a self employed person. Those in employment are usually offered health insurance by their employers which perceived by many to be beneficial considering the less cost involved. This has caused a misconception among many people that health insurance plans sponsored by the employer is always better. If you manage your expenses wisely you can obtain an affordable health insurance cover. This article guides you through several health insurance tips for the self-employed.
Select a higher deductible
Choose a noteworthy amount in premium annual payments, it is advisable to save significant amount every month and eventually accumulate plenty savings to cover this deductible. You should always keep in mind the fact that you are insuring against unpredictable circumstances. It doesn’t not beat logic to pay over $ 1000 in premiums if you could rationally expect to pay a smaller amount if you insured against basic items.
To get the best health insurance deal that is within your needs as well as budget in your area you should shop around with a broad view. Buying directly from an insurance company dies you the opportunity to see what the competitors are offering. Internet has made research easier and faster, there are numerous sites available online that compare different health insurance providers in your area. Internet has make work easier these days it is now possible to buy your health insurance policy online without having to visit the health provider.
Lock-in Your Rate
When buying your health insurance policy you should always know that your health insurance provider may occasionally increase your monthly premium. The best way to protect yourself against this is to look around for a rate guarantee when purchasing your health insurance policy. Licensed health insurance agents will help you identify companies that provide a rate guarantee. Some companies may lock in your rate for a certain period in a bid to collect a higher fee from you.
Deduct Your Insurance Premiums at Tax Time
If you meet the requirements of a self employed person in your area, your health insurance premiums you are allowed to pay your health insurance without itemization on the tax return. You should consult a tax professional for guidance on the various self employment types as well as their tax implications.
To get a health insurance policy that is affordable you should avoid buying a policy that covers costs of usual medical expenditures such as prescriptions, dental care and annual checkups. Always consider purchasing a policy that covers basic health needs. As noted above you can take advantage of different situations to obtain affordable health insurance cover. If you do a good research and budgeting you will be amazed to note that you can afford to get a health insurance, these health insurance tips for the self-employed will help you obtain an affordable health cover.