Insurance for the Self Employed

People who are self-employed, independent contractors or small business owners have taken a leap of faith to maximize their opportunity. Being your own boss comes with many freedoms but it also comes with many risks.

One of the biggest risks is not having the comfort of affordable health insurance benefits. Self employed health insurance is easy to find and can be purchased as an individual or family health plan.Many people who leave an employer are unsure about their benefits so they turn to COBRA. Coverage through COBRA is always a good option for those with pre-existing conditions that need to be insured. The downside to COBRA is that it is only temporary, usually 18 months. However, you are responsible to pay 100% of the cost as your former employer will no longer need to contribute. Which brings up another issue, cost! Can you afford to pay twice or three times the amount you are used to for the same health coverage?If you are like most people, the answer is No. Your best option is to buy an individual or family health insurance plan. As long as you and your family are in good health, it's simply a matter of finding a policy that fits within your needs and budget.
Self Employed Health Plans
There are several self employed health coverage choices, which include:

• PPO Plans - Allows you the freedom to choose your own medical providers i.e. Doctors, Hospitals etc. If you want to see a specialist, there is no referral needed, you can just go!
• HMO Plans - Create networks of doctors, hospitals, clinics, specialists, and other health care providers. These plans traditionally offer comprehensive coverage at a predetermined price or co-pay.
• HSA Plans (Health Savings Account) - A tax-free savings account where you can save money in a Bank Account to pay for medical expenses (except monthly premiums)

Tax Advantages of Self Employed Health Insurance
If you have self employment income, then a Self Employed Health Insurance plan has advantages for your tax deductions! This includes expenses for yourself, your spouse, and all your dependents. However, you can only claim the health insurance premiums write-off for months when neither you nor your spouse were eligible to participate in a group health plan. Also, the deduction cannot exceed the earned income you collect from your business.
Finding the Right Self Employed Health Insurance
The best way to narrow down your options is to speak with one of our licensed Insurance Professionals. We will provide expert advise and free quotes with no obligation.

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