What Is Self-Employed Health Insurance & Do You Need It?

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What Is Self-Employed Health Insurance Do You
Need It?
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• Are you self-employed and dont have health
  insurance? Do you even need it? Or are you a
  small business owner who hires self-employed
  individuals and are unsure if you need to cover
  them?
• Read on to find answers to the following health
  insurance questions
• Im self-employed do I need health insurance?
• If youre earning a taxable income without an
  employer or employees, such as by being an
  independent contractor, consultant or freelancer,
  then you definitely need to invest in health
  insurance, and finding a reputable insurance
  company will help you access the best deals for
  your circumstances, and prevent you from facing
  possible penalties for not being covered.

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• I employ freelancers and independent contractors
  do I need to insure them?
• If your business employs less than 50 full-time
  workers, The Affordable Care Act doesnt require
  you to provide them with health coverage, but of
  course that doesnt mean that you cant. When it
  comes to freelancers and the self-employed,
  however, the rules are not always the same from
  state to state. Typically, health coverage for
  self-employed persons is not required to be
  provided by the owner of the business paying
  them, but some choose to extend their group
  health coverage to include them.

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• What do I need to know if I offer group health
  coverage to freelancers?
• Its important to note that as a small business
  owner, youre not obliged to pay any part of the
  premium for group health insurance offered to
  freelancers, but if you do, they may then be
  required to report the contributions as taxable
  income. If youre a freelancer and you choose to
  pay for your own health insurance premiums, then
  you may be able to deduct the cost from your
  income taxes.

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• Does it make a difference if Im an independent
  contractor or freelancer?
• If whoever is paying you for your services,
  controls and/or directs the results of the work
  you carry out, and not what will be carried out
  and how, then the IRS will classify you as an
  independent contractor. The person paying you may
  be a client organization, or the general public,
  but there is no relationship akin to
  employer-employee. Typical examples of
  independent contractors would be an accountant,
  lawyer or doctor.

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• If you work on a temporary, self-employed basis
  and provide products or services to multiple
  organizations, then you are classed for insurance
  and tax purposes, as a freelancer. You may have
  many different clients and work on a variety of
  projects according to your schedule. Typical
  examples of freelancers would be graphic
  designers, journalists and copywriters.
• For health insurance purposes, if youre an
  independent contractor or freelancer, youll
  likely be responsible for purchasing your own
  coverage, and in most cases its essential for
  protecting you from the costs that can mount
  should you become sick or injured and cant work
  for any length of time.

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• So, as a freelancer or independent contractor,
  should I get health insurance?
• To protect yourself in the event that you cant
  work and earn your regular income because youre
  sick or laid up in bed recovering from an injury,
  you should definitely purchase a health insurance
  plan.
• To get the best self-employed healthcare coverage
  for you and your specific circumstances, talk to
  an insurance expert today.

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