Finding Self Employment Health Insurance.
Sometimes it’s tough enough trying to keep afloat when you are self employed. That’s why it’s so important to have some sort of self employed health care coverage to get you back on your feet again in case of illness or injury. But how can you go about finding cheap health insurance? Check out these tips.
The flip side of the perks for self employment is the fact that you need to research and find help for health care insurance and retirement needs. Most companies offer some sort of group benefits that are typically less expensive than individual or family plans on the open market. Do some checking around though, as options do exist.
COBRA. You can take advantage of employer-sponsored health benefits if you are leaving a job to be self-employed, thanks to the Consolidated Omnibus Budget Reconciliation Act of 1985 which can extend these benefits for up to 18 months. Note, however, that you will be responsible for all of the premium that your previous employer paid.
Professional associations. Group health insurance benefits are often provided as an incentive to join a professional association or other organization. Check with the associations related to your business, or even other organizations to see if they offer low cost health care insurance.
Individual health plans. You can shop for quotes on individual health care plans or, if necessary, family health insurance coverage. Plans and rates vary from company to company so you should compare several plans. To make it easy, use a health insurance plans comparison Web site so you can view different plans and get quotes all at one place. You can even apply and pay directly online.
Nowadays, you should be able to deduct premiums for self employment health insurance from your federal taxable income. Consult with your accountant or tax advisor on this deduction.
