Self Employed Moms and Health Insurance
We all need health insurance since the cost of healthcare is very high. The good thing for people who are employed is that there are employers that provide health insurance for their employees. But there are many who are not employed, and most self-employed individuals do not have health insurance at all. If you don’t have an employer who will provide health insurance for you, then you should try to get health insurance for yourself.
If you are self-employed looking for health insurance, you can find many options available for you. There are many private companies today selling government-vetted policies that offer different coverage amounts. States are required to run their own insurance marketplace or use the federal one through the Affordable Care Act.
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. You and members of your group pay monthly premiums that go to the group insurance coverage. You costs can be cut through this type of insurance. But to ensure that you are getting the right coverage for you and your family you need to make a careful research on this.
Another great way to ensure healthcare is to open a Health Savings Account. Here you can have control over your health funds. This high-deductible health plan is a great option for you. Money is put into this account which you can withdraw for your medical expenses that meet qualifications with no tax or penalty on it. And what is great about this account is that you put your own money in it. 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.
Getting insurance with less coverage helps you to save on insurance. 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.
Buying through the state marketplace can qualify your for savings if your incomes is less than 400% of 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. 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.
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