Health Insurance for Freelance Writers and Other Self-Employed Professionals
There is no doubt that being self-employed has quite a few benefits. And of course, I would not have it any other way. When it comes down to it, I would never go back to working for somebody else; even if it meant more money. But with that being said, there are some drawbacks of being self-employed. One of the biggest ones that you will have to deal with is purchasing your own health insurance coverage.
Buying an individual health insurance policy can be a difficult process for even the most knowledgeable self-employed professionals. If you are making a decent income, you may not think twice about having to pay for your own health insurance. But on the other side of things, if you are new to being self-employed, and are yet to breakthrough, any money that you have to pay out can be damaging to your bottom line.
No matter what, you need to make sure that you purchase some type of coverage. Even if you buy a high deductible policy, you will at least be covered if something catastrophic were to happen.
Luckily, most people can find a reasonably priced policy that will give them coverage ranging from basic office visits to prescription drugs to hospitalization.
You may be wondering what type of health insurance policy I have, right? At this time, I purchase both by health and dental through Aetna; it is a PPO plan and offers a good level of benefits without too high of a price tag. I pay $155 per month for both; which I am pretty happy about. Some of the more important details of the policy include a $1,500 deductible, $3,000 out of pocket limit, and low co-pays. Although the deductible and out of pocket limit may sound high, I always make sure that I have at least $3,000 tucked away in case I need to max out for a particular year. This has yet to happen yet, but it is better to be safe than sorry.
Remember, if you are self-employed you will be able to deduct 100 percent of your health insurance premiums. This is something that you do not want to forget when it comes time to do your taxes. Make sure that you ask your tax professional about this so that you keep everything legal.
Freelance writers and other self-employed professionals do not have the luxury of getting health insurance from their employer. If you are in this boat, make sure that you buy your own policy. Despite the cost, it is well worth it.
