Self Employed Moms and Health Insurance
Health insurance is necessary so that we can afford decent healthcare which is quite expensive. If you are employed, it would be a great relief if your employer provides health insurance for you. There are a lot of people who don’t have health insurance especially those who are self-employed. 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.
But, if you don’t want to take advantage of government-run exchanges, there are still other reasonable health insurance for self-employed people.
There are healthcare sharing ministries where you contribute as a group. So if you pay monthly premiums, this covers your healthcare and the healthcare of your group members. This can help you cut costs. But to ensure that you are getting the right coverage for you and your family you need to make a careful research on this.
Opening a Health Savings Account is another option you can take. Since this is a savings account, then you have full control over it. This high-deductible health plan is a great option for you. 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. This is great since this is your own money. For you non medical expenses, it will incur taxes and penalties if you take it out from this account.
You can get the best insurance deals by comparing insurance prices. 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%.
If you incomes is less than 400% of the poverty level, then you can buy insurance through the state marketplace which qualifies your for savings.
There are also tax breaks from health insurance for being self-employed, if your income is less than enough to cover the premium. To do this, go to Schedule C and report your profits, then deduct your premiums so that your Schedule C is equal to zero. 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.