Health Insurance for the Self-Employed: A Comprehensive Guide
Being self-employed comes with its own set of challenges, and securing health insurance is one of them. With health insurance not being offered by an employer, just knowing where to turn can be rather difficult. We'll guide you through the maze of options available and how to choose the best one for you.
Challenges Faced by the Self-Employed
Variable Income: Fluctuating income can make budgeting for health insurance difficult.
Lack of Employer Support: The financial burden falls entirely on you without an employer to share the premium costs.
Finding options: Knowing where to look and what to look for
Insurance Options
Marketplace Plans: These are available during the Open Enrollment period and offer various coverage options. In addition, multiple carriers to choose from.
Exclusive Private Plans: These are specialized plans not commonly offered by traditional agents. They are designed to be more affordable and can be customized to fit your specific needs. Most of these are based on health status, which, if eligible, can provide more affordable rates.
Short-Term Plans: Ideal for those in transitional phases, these offer coverage for a limited period, and that coverage is very, very limited. Plan duration is also usually less than a year. (not a full coverage option)
Supplemental plans & gap Coverage: Provide coverage to fill in the gaps where out-of-pocket expenses may incur. This includes critical illness benefits, accident benefits, and short-term disability.
Dental & Vision
Tax Advantages
One of the often-overlooked benefits of being self-employed is the ability to deduct health insurance premiums from your taxable income, potentially leading to significant tax savings. The Self-Employed Health Insurance Deduction allows you to write off premiums for yourself, your spouse, and your dependents, reducing your overall tax liability. However, there are specific eligibility criteria, so it's advisable to consult a tax professional for personalized advice.
Ongoing Support
Our consultants are not just available during the enrollment period; they provide year-round support. The consultant who assists you in selecting your plan will remain just a phone call away, ensuring you have the guidance you need to navigate any changes or issues that may arise.
Navigating health insurance options as self-employed doesn't have to be daunting. Contact RKA Insurance Advisors for expert advice tailored to your unique needs. We are licensed in 32 states and offer a variety of plans to suit you.
Contact Us:
561-806-9913
