Health Insurance for the Self-Employed 1-2-3
When you make the leap from being an employee to being self employed, one of the big concerns is the cost of
health insurance.
Getting individual health insurance is definitely more expensive than being part of a group health insurance
plan. Plus, now your employer is not paying the majority of the expense. Depending on your age and health, your
monthly premiums can get pretty expensive. Ways to Save Money
on Self Employed Health Insurance
1. To keep the costs as low as possible on a self employed health insurance policy, you want to start by
comparing insurance plans with different providers.
2. Opt for a higher deductible, and you can lower your monthly rate. Some high-deductible plans are also
offering HSA (Health Savings
Plan) options where you can set aside money for medical expenses and then pay for those medical expenses
with that money tax free.
3. Select a plan that doesn't offer as much coverage, and you can lower your premium again. For example,
vision, dental, prescriptions and other coverage items can be minimized or not covered at all.
4. Don't forget that an a self-employed individual, you can deduct health insurance and some medical costs
from your taxes.
The cost of self employed health insurance may still end up being higher than you really want to pay, but at
least you have some control over the priace and get your premiums down to where you feel somewhat
comfortable.
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