3 Health Insurance Tips for the Self-Employed

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Self-employment is becoming more popular with many people in the U.S., choosing to offer their skills as a contractor instead of working as an employee. If you are working as a freelancer, then you probably love the flexibility that comes from picking your schedule. At the same time, there are a few stresses that need to be managed, such as keeping up with the books and buying health insurance.

Just because you don’t have a group plan available through employment doesn’t mean that you can’t afford good health insurance coverage.

Pay Attention to Open Enrollment Periods

Jonathan Nolan, JPN Insurance

Often, there are only certain times of year when you can sign up for insurance coverage. For example, we are approaching the open enrollment period for 2019. So, right now is the time to talk to an insurance provider to learn about your options. Mark the enrollment dates on your calendar so that you are ready to sign up for the insurance plan when it is available.

Insurance Protects Your Financial Future

Even though it might seem like an expensive unnecessary cost to pay for health insurance, this coverage is essential if you want to avoid financial disaster in the future. Everyone will face a need for medical care at some point, which is why you should be covered at all times in case an emergency arises. The monthly premiums that you pay give you the peace of mind to know that you can pay the medical bills for yourself or a family member when the care is needed.

Remember: Insurance is a Write-off

Even though you will pay for the expense of insurance coverage, these costs can be used as write-offs on your taxes. Talk to your accountant to leverage the tax benefits that are available. You will spend money on the premiums, but that cost can be used to reduce your tax burden for the year. These premiums are full-deductible, which means that your accountant will reduce your gross income by the amount that is paid in insurance premiums. As a result, your tax bill will go down.

Do you need assistance finding the right insurance plan for your family? JPN Insurance Services offers a variety of insurance coverage to match every situation. Call to learn more about the services that are available: (951) 443-9925