Self-Employed? What You Need To Know About Health Insurance

Whether you are a part-time worker, self-employed, an entrepreneur or freelancer, you need health insurance that works well for your independent career and lifestyle. Due to today’s tough job market, it is more and more common for Americans to start their own business, become an independent contractor, or become an “accidental entrepreneur. If you are new to freelancing or self-employment, or even if you have a small business in Gainesville, GA, chances are that purchasing health insurance isn’t high on your priority list. But, it should be! The last thing a self-employed person needs are unexpected medical costs that inhibit the progress of your new independent venture. 

Why Do I Need Self-Employed Health Insurance? 

Health insurance doesn’t just provide access to medical care, it can also allow you (and your employees, if you have any) to benefit from discounted rates and perks that insurance companies often negotiate with medical providers. Additionally, having health insurance limits your financial liability for injuries and accidents that might result in you and your business contemplating bankruptcy.

If you are an uninsured entrepreneur looking for health insurance options, here are a few self-employed health insurance tips:   

Comparison Shop 

In order to ensure you are getting the best health insurance plan for your budget and needs, you need a broad view of what’s available in the Gainesville, GA area. When shopping for insurance with your Chastain Agency Inc. agent, you can compare insurance plans from local carriers to assess rates and benefits.   

Lock in Your Rate 

When you purchase private health insurance for yourself, your family, or your employees, remember that your insurance company can increase your monthly premiums periodically. To temporarily protect yourself against rate increases, when shopping for coverage, ask for a “rate guarantee.” Your Chastain Agency Inc. insurance agent will help you look for and understand which companies offer a rate guarantee. Some insurance carriers lock in your rate automatically for your first year, while others may lock in your rate for an added monthly fee.   

Don’t Forget To Deduct Your Health Insurance Premiums  

As a self-employed person, you may be able to deduct the health insurance premiums you pay for yourself and your dependents on your federal tax return. Talk to your tax professional to learn more about what type of self-employed status you have, and the tax benefits purchasing health insurance may bring.

Contact the Chastain Agency Inc. to speak to an insurance agent about the options for health insurance. We can help you get a quote and get started on a plan.