Self-Employed Individuals – Are You Writing Off Your Health Insurance?


Being self-employed offers liberties that standard jobs normally cannot match. Self-employed individuals can work from home, set their own hours, and be their own employers. They can select their own work assignments, supply the services they want to provide, as well as determine their own salaries.

Yes, self-employed people are living the life– up until it pertains to medical insurance, that is.

The majority of self-employed people, or individuals who work as independent professionals for a specific company, have to acquire their own health insurance policies. Without a standard employer, there’s no one to provide a health insurance plan, right? So, self-employed individuals either purchase an individual medical insurance policy, or they pay for the expense of healthcare completely out of their own pockets. For some, this appears like a pretty even trade; for others, it doesn’t. Health insurance is a perk of lots of employment options, after all.

However, for all self-employed people, or people who work as service providers, there may be a light at the end of the tunnel. When tax season rolls around, lots of self-employed individuals and individual specialists have the choice of writing off their medical insurance expenses, or perhaps out-of-pocket healthcare expenses. This suggests self-employed individuals and individual professionals have a chance at returning a percentage of the money they spent for their health care.

Not everyone is familiar with writing off individual health insurance or out-of-pocket healthcare costs, particularly those self-employed people who are relatively brand-new to the world of self-employment. If you’re a self-employed person, or a person who works as an independent service provider for other companies, consider calling the Internal Revenue Service and learning the necessary steps associated with crossing out your individual health insurance or out-of-pocket healthcare expenses. You may likewise wish to talk with an accounting professional, or someone experienced with tax prep work. When tax period comes, you’ll be prepared to start writing off your individual health insurance or out-of-pocket health care expenses.