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5 Ways To Save Money On Health Insurance for the Self Employed

It is easy to find 5 ways to save money on health insurance for the self employed. In fact, it is difficult to limit the tips to only 5. There is a multitude of things to take into consideration, some of which are relatively obvious, while others are almost insider secrets.

Pay close attention to these top 5 ways to save money on health insurance for those who are self employed and you will be able to put these tips to good work for yourself and potentially save yourself $1,000’s.

For big ticket items like health insurance, any way that you can make cuts in the premium is a good thing. Experts recommend that self employed people looking for health insurance put these 5 money-saving tips to work for themselves to avoid future headaches.

#1 Become The Dependant Instead Of Insuring The Self Employed

If you are married and your spouse works, the most economical policy to get may be the one offered by his or her workplace. Individual policies are always much cheaper than group policies but not everyone is accepted onto individual health insurance policies. If you spouse’s employer will pay the premium for you to join the group plan then certainly join the group plan. If your spouse’s employer will not offer any spousal premium assistance and you are healthy then choose the much cheaper individual health insurance plan. If you have health issues and cannot obtain individual health insurance coverage then join the group plan with your spouse.

#2 Join A Group To Find Health Insurance For The Self Employed 

Since, as we stated above, individual health insurance is much cheaper than group health insurance, group is the way to go whenever possible if one has health issues and cannot get accepted onto an individual health insurance plan.

Look to the groups you belong to for possible group coverage. Your local Chamber of Commerce, a professional association, or some other group you belong to, maybe even your church, may have a program already in place to provide group coverage to its members.

Ask around and if nothing is already exists in the groups you belong to, you might want to take it upon yourself to look into it.

#3 Shop Around And Compare Health Insurance Quotes For The Self Employed

Be sure to get a variety of quotes from different insurance companies. Rates and premiums differ vastly from one company to another, because each insurer sets their own. Shopping around is the key thing to do in securing a good deal on your health insurance.

However, be watchful of the details in each policy. You need to make sure that you are comparing apples with apples. It is very important that you are getting all the coverage you desire and need, and do not have exorbitant deductibles, unreasonable exclusions and limitations that will consume a lot of your time. Be especially wary of too-good-to-be-true pricing because it often is.

Check into the reputation of the company you are interested in using. Often insurance departments in the state you live in will have compiled information and data about the companies offering coverage in their state. This is a good place to start your research. You may also want to check their insurance ratings through ratings companies like A.M. Best, Standard & Poor’s, and Moody’s. These ratings will give you a good idea if the company you are looking into is considered to be reliable and likely to remain in business.

#4 Use Your Health Insurance For The Self Employed To Your Tax Benefit

Keep good records of your health insurance premiums and other medical costs that are incurred throughout the year and are not covered by your policy. You can claim both the premiums and other costs on your income tax at the end of the year. Usually, there is a minimum threshold to meet before you can include such costs on your taxes, but this is not so for those who are self-employed.

If you are self employed and have some income for the year then you may be able to deduct 100% of your health insurance premiums on the front of your 1040 tax return as an above the line tax deduction. Note, that you may be able to deduct 100% of the premiums paid for health insurance for your whole family.

The deductibility of your health insurance premiums may vary depending on how your business is structured. Tax rules are different for Subchapter S Corporations (S Corps) than they are for regular “C” Corporations, partnerships, LLC’s, and sole proprietorships. Speak with your CPA or other qualified tax advisor to find out the details of this very important self employed health insurance tax deduction.

#5 Choose Your Self Employed Health Insurance Plan Wisely

Only choose a policy that limits you to using select hospitals and doctors, as long as you are comfortable with the ones you must use and the limitations are not too strict. Policies that allow you to pick and choose your health care providers are typically more expensive. For saving money, the policy that does not allow too much choice is the best one for you.

Compare Self Employed Health Insurance Quotes Now!

Now that you are armed with 5 ways to save money on health insurance for the self employed, be sure to use our online quote system in order to get a variety of comparable prices from top insurers. Get started finding self employed health insurance now!