4 Tips for Finding Health Insurance While Self-Employed

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Self-employment offers many benefits, such as the freedom to choose your schedule without being tied to a cubicle all day. But there are certain aspects of being a business owner that bring new challenges, such as managing your own payroll or finding affordable health insurance coverage.

Since the COVID-19 pandemic started, many employees are moving to entrepreneurship. As a result, there is an increasing demand for health insurance coverage among this demographic.

Tips for Choosing Self-Employed Health Insurance

Here are a few important tips to consider when you are choosing health insurance coverage for yourself and your family:

  1. Know What You Need: Consider your overall health, then find a health insurance plan to match your needs. For example, if you don’t visit the doctor often, then it might make sense to choose a plan with a high deductible. This insurance plan gives you coverage in case of an emergency, and the monthly premiums are typically cheaper since the deductible is high.
  2. Explore Your Options: The government’s Health Insurance Marketplace is a good option to find information about available plans. For more options and coverage flexibility at an affordable rate, private health insurance is a better solution. Simply talk to an independent insurance agent for details about the plans that are a good fit for your needs.
  3. Leverage Tax Deductions: Remember that paying for health insurance is a tax deduction in your business. Talk to your accountant to see if you qualify for this deduction. If so, then you are allowed to deduct 100% of your premiums when filing your taxes each year.
  4. Think Outside the Box: Traditional health insurance might not be the right fit for your unique needs. Another possible solution is to sign up for a health care sharing ministry. Technically, this coverage isn’t “health insurance” though. Instead, it is a ministry or church that pools their money together in a health fund. So, there are limitations and downsides because the ministry might not pay for certain things.

Personalized Recommendations for Health Insurance Coverage

When you are looking for custom recommendations for your health insurance coverage, then talk to our team at JPN Insurance Services to learn about your options. Call an independent health insurance agent at (951) 443-9925.