Self-Employed Health Insurance Premiums

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Self-Employed Health Insurance Premiums – Finding affordable health insurance premiums when you’re self-employed can be challenging. The good news is, however, is that many self-employed individuals’ health insurance premiums are now considered 100% tax deductible.

“If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents. This health insurance write-off is entered on page 1 of Form 1040, which means you benefit whether or not you itemize your deductions. “

Self-Employed Health Insurance Premiums

Yes, the costs incurred by health insurance for you, your spouse and dependents could be deducted from your taxes. As written about in Business Week:

“As long as your health insurance is established in your name or the name of your business, and you don’t have the option to get coverage through another source—such as a spouse’s employer-provided plan—you absolutely can deduct your health care premiums. You do not have to itemize medical expenses to take the deduction.“

This is great news for the self-employed. But how are you going to find the best health insurance policies available out there? Navigating the waters can be tricky. As Kerry Hannon writes in an article for Forbes:

“Whether it is affordable, of course, is a crapshoot. That depends on a myriad of factors–where you live, the ages and the health of who is being covered, and the type of policy you need, among other things.”
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The most important thing to remember when you’re looking for self-employed insurance policies is to shop around. Get quotes and see what plans fit you and your life best. Check out healthcare.gov and healthinsurance.org to start. You can also consider joining a professional group for better rates (like the Freelancers Union or AARP) or get cover under your spouse’s plan, or opt for plans with low premiums and high deductibles with coverage that kicks in in circumstances of catastrophic illness.

Take comfort in the fact that you’re not alone. Millions of Americans are self-employed and have found ways to make the country’s insanely expensive system, to work. The National Association of Self-Employed (NASE) can also offer some advice on picking out health insurance.