Self Employed Moms and Health Insurance
Health insurance is necessary so that we can afford decent healthcare which is quite expensive. There are many working individuals who are given health insurance by their employers. But there are many who are not employed, and most self-employed individuals do not have health insurance at all. But this should not stop you from getting health insurance for yourself if there is no employer to provide you one.
There are many options for insurance for those who are self employed. You can purchase insurance from private companies selling government-vetted policies offering different coverage amounts. This is part of the Affordable Care Act where states are required to run their own insurance marketplace or use the federal one.
But, if you don’t want to take advantage of government-run exchanges, there are still other reasonable health insurance for self-employed people.
Healthcare sharing ministries allows you to get insurance as a group. Monthly premiums go to the coverage of your healthcare and of those in your group. You costs can be cut through this type of insurance. But this needs further research so that you can get the right coverage for you and your family.
Another great way to ensure healthcare is to open a Health Savings Account. Here you can have control over your health funds. This is a high-deductible health plan. The money you put in this health savings accounts can be used for your medical expenses without tax or penalties if you meet qualifications. This is great since this is your own money. So if you need money for non-medical expense, you can still take it out and use it, but with possible taxes and penalties.
Compare insurance policies so that you can get the best insurance deals. Although health insurance is expensive, there are still ways you can find to decrease your cost.
You can gain insurance savings by getting an insurance with less coverage. The ACA uses metal rating system where platinum covers 90% of your out of pockets costs, 80% for gold, 70% for silver, and 60% for bronze.
You can also qualify for savings if you buy through the state marketplace, depending on your income, that is, if it is less than 400% the poverty level.
If you are self-employed you can qualify for tax breaks from health insurance if you income is less than enough to cover the premium. There is way to do this by reporting your profits on Schedule C, then deducting the premiums until your Schedule C is equal to 0. You can then put the leftover premium costs as an itemized deduction on schedule A. Whether this will work or not is worth a try and this can give you money savings on health insurance if you are self-employed.