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Things to Consider before Buying Self Employed Health Insurance

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 Things to Consider before Buying Self Employed Health Insurance
Things to Consider before Buying Self Employed Health Insurance

Things to Consider before Buying Self Employed Health Insurance

Everyone needs a health insurance cover whether you are working in a office full time or are self-employed. The need for the cover cannot be overlooked if you can afford it. There are numerous plans in the market catering to everyone's needs. Self-employed health cover caters to those who're self-employed. They can buy this cover directly from a health insurance provider. Since they are self-employed, employer intermediary is not required. However, you should consider all the factors associated with insurance before investing in any plan.

Here are Few Things you should Consider before Buying Any Self-Employed Insurance Plan

Weigh down all options at your disposal and factors that can affect your insurance costs, if you are planning to buy family health cover or cover for your children. Also, you are better off buying some major health plan that comes with high deductible instead of going for a comprehensive managed care or indemnity plan, if you are a healthy young adult.

Don't forget to evaluate financial benefits of purchasing self-employed health insurance, even if the cost of self-employed health insurance is high for you. As potential tax benefits can make getting coverage much more affordable.

Get Personal Tax Deduction

You could be given a chance to deduct un-reimbursed medical costs like deductibles, premiums etc.; that exceed 7.5% of your adjusted gross income. For example, if your adjusted gross income is $50,000, then you are allowed to begin deducting health care expenses after reaching the amount $3,750 in a year. Expenses beyond this amount ($3,750) would be tax deductible.

Tax Deduction for Business

If you are in a partnership or S Corporation and fulfill all requirements then 100% of your self employed health insurance premium could be deductible as a business expense. You should check your state's laws on specifics of business tax deduction available to you.

Things to Consider before Buying Self Employed Health Insurance


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