When you’re self-employed, individual health insurance in Ponte Vedra Beach is a must. You want to have the insurance so you can get the healthcare that you need. It’s not only required by law through the Affordable Care Act, but it can save you a substantial amount of money in the event that you become sick or injured through the year.

TAX IMPLICATIONS

You may have to spend the money on health insurance, but the good news is that it’s fully deductible on your taxes. This means that you can feel confident getting the higher level coverage because the premiums you pay is a part of being a business owner.

It falls into the health-related tax deductions that you can take advantage of. You will be able to deduct both your medical and dental expenses, which includes premiums. Plus, it won’t affect your ability to get tax credits or any other cost assistance you may be accustomed to getting.

Plus, if you’re self-employed and you have at least one employee under you, there may be a few business tax credit for you to take advantage of as well.

CHOOSING THE RIGHT POLICY

You must maintain at least the Minimum Essential Coverage, otherwise you are going to incur a tax penalty. However, you may want to consider getting additional coverage so that you have more health options throughout the year. Preventative maintenance will be covered, but you want to think about what would happen if you were to get diagnosed with an illness, break a leg, or require an expensive prescription.

Regardless of whether you go with the minimal coverage or you opt for something higher, the entire premium is fully deductible. This means that you can go ahead and get more coverage. It will be deducted from your annual gross income, thus making it cheaper for you to get the health insurance in Ponte Vedra Beach that’s really going to take care of you.

There are plenty of options for you to choose from, too. You may want an HMO, a PPO, or a flexible spending account. There will be pros and cons for each of them, so take the time to review how they are going to help you. Any pre-existing conditions should be taken into consideration.

ANNUAL COSTS

Be aware of the annual cost of insurance for you as a self-employed person. The cost for insurance is not going to be just the premiums. It will be all expenses that you pay, including co-pays when you visit the doctor, prescriptions that you pay, and doctor fees that may not be covered by your plan.

To help you decide which policy is best for you, determine what it will cost you in premiums and out of pocket for the various plans you are looking at.

When in doubt, you can always rely on the help of an insurance agent to help you along the way. They can get quotes for you from multiple insurance companies and use their expertise to weigh in on the decision so you can be more confident.