How To Obtain Health Insurance If You Are Self-Employed
As a self employed person with an existing health condition, because of the Affordable Care Act, (sometimes referred to as "Obamacare") you can obtain individual health insurance despite an existing health condition or a history of one.
The following alternatives are worth exploring as a means of getting less expensive, and possibly more includsive, coverage. Click on the link for information about each.
- Join An Association That Provides Health Insurance
- Become a small group.
- Go to work for a company that provides health insurance to employees.
If you are the only employee of your business, your options are the same as those of an individual who doesn't work for an employer. This means that unless the state you live in requires insurers to offer health insurance without regard to your health, you probably won't be able to obtain insurance from the private market. However, you can obtain insurance either through a Pre-existing Health Insurance Plan or a High Risk Pool. To learn more, click here.
- As self employed person, you can deduct 100% of health insurance premiums from your self-employment earnings - and this cannot be taken away by the Alternative Minimum Tax. If you are eligible for any employer-subsidized health plan, including your spouse's, you aren't supposed to claim this deduction, even if you aren't on your spouse's plan.
- You can also set up a tax advantaged medical savings account.
- For other means of obtaining health insurance despite an existing health condition, click here.