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Self Employed: Health Insurance For People Who Are
If You Have Health Insurance
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Do whatever is necessary to keep your health insurance.
- Consider paying your premiums by automatic deduction from your bank account so there is no chance of not paying a premium if you become sick. (If you place automatic overdraft prevention on your account, you will be protected in knowing the premium will be paid even if the account balance is low at the moment the premiums are withdrawn.)
- If this doesn't work, at least consider making an extra premium payment so you will be a month ahead. This gives you an extra month's grace if needed.
- Keep in mind that as a self-employed individual you are allowed to deduct all of your health insurance premiums. This deduction is especially valuable because it is an above the line deduction for Adjusted Gross Income (AGI). This means that you can take advantage of this deduction even if you do not itemize deductions on your tax return.
- Learn how to maximize use of your health insurance. (To learn more, see: Health Insurance 101)
- If you need help paying for premiums or co-pays, click here.
If continuing to work on your own may become too much for you, but you're still able to work, consider going to work for an employer. (Larger employers tend to have a wide range of benefits available despite a health history.)
- Because of a law known as HIPAA, your current insurance should keep you from being subjected to a period when the new policy doesn't cover any current health conditions.
- Under the Americans With Disabilities Act (ADA), you can't be asked about your health condition when applying for a new job.
- If you have a choice about health insurance policies, consider which is best for you with your health condition. Our Health Plan Evaluator can help you decide which policy is best for you.
If You Have HIV/AIDS: Every state has an AIDS Drug Assistance Program (ADAP). The program in many states includes a Health Insurance Program (known as "HIP") to pay monthly premiums. Unlike Medicaid, ADAP doesn't demand near-poverty. However, your income must still fall below a certain level which varies from state to state. A tax expert can often help you work it out so your taxable income qualifies you for ADAP next year . For example, one way is to make a charitable contribution.
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