Medical insurance coverage is the most popular and sought after employee benefit. But what if you work on your own as a freelancer or one-person business? Buying a typical individual policy can be prohibitively expensive. But if you know where to look, you won’t have to sacrifice essential, quality health care coverage in order to stay in business for yourself.
Some insurers specialize in affordable home business health insurance, and you can easily find them by searching online. These companies will be familiar with the special concerns and needs of self-employed individuals, so they will be more able to help answer difficult questions. Many of them also offer unique discounts that can help save hundreds off of the typical individual policy you might find from a company that doesn’t make any special concessions for entrepreneurs. Additional discounts may be attained from these companies if you transfer other insurance policies, like your auto insurance, to the same company. A little number crunching should show you whether or not this would be a profitable move.
If you have a hard time finding a specialty insurer that can help you, it may be possible to get added to an affordable group plan elsewhere. If you’re closely affiliated with a church or non-profit association that has a group policy, check with the policy holder to see if you would be eligible. If you’re married, you might also be able to join your spouse’s plan.
And remember, the most important tip that makes affordable home business health insurance possible is that it’s tax deductible. You can always deduct at least 70% of these costs, and in some cases, maybe even more. Before you buy a policy, ask the insurer for more information on reporting your coverage as a business expense.
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