If you are self-employed and in need of insurance for your family, there are options available to you. Keep in mind that there is no such thing as “cheap” insurance.
Don’t be fooled by gimmicky sales techniques or flashy websites. If your family is in relatively good health then it is just a matter of choosing an insurance company you trust with premiums and deductibles you can live with.
No longer is it just big businesses who are allowed to use health insurance premiums as business expenses One perk to being self employed is that you can now deduct the cost of health insurance premiums from your federal taxable income. While you can’t use your health insurance premiums as a cause for loss on your taxes, you can claim the deductibles to offset your taxes greatly.
Another option for the self-employed can come through a spouse. If your spouse works outside the home then it may be more financially beneficial to use his or her company insurance. The benefits to this strategy are that you usually can’t be denied and your premiums can’t be “rated-up” due to health issues. Low deductibles and prescription insurance cards are other reasons to look into keeping your spouse’s insurance while maintaining your small business.
