Self Employed Moms and Health Insurance
Today, the cost of healthcare is very high and this is the reason why all of us need health insurance. The good thing for people who are employed is that there are employers that provide health insurance for their employees. However not all people are employed and some who are self-employed have no insurance to speak of. If you don’t have an employer who will provide health insurance for you, then you should try to get health insurance for yourself.
Self-employed individuals can actually find many options for health insurance. There are government-vetted policies being offered by private companies that offer 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.
For self-employed people who don’t want to use government-run exchanges, they can still find other reasonable health insurance options.
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 can cut costs with this. Take time to learn more about this so that you can find the right health insurance 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 health plan is a high-deductible plan. You put money into this account and you can withdraw funds to spend on medical expenses that meet the qualifications with no tax or penalty on the money you withdraw. And what is great about this account is that you put your own money in it. Even if you need money for non medical expenses you can still withdraw from this account but possibly subject to 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.
If you want to save on insurance then get one with less coverage. Metal rating system is used by the ACA where platinum covers 90% of your out of pocket costs, gold is 80%, silver 70%, and bronze 60%.
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.
There are also tax breaks from health insurance for being self-employed, if your income is less than enough to cover the premium. In your tax form, fill up Schedule C with your self-employed income, then you should make schedule C zero by deducting your premiums from it. The leftover premium costs should them be put on Schedule A as an itemized deduction. Although this is not guaranteed to work but it can help to save money on health insurance if you are self-employed.