Being self-employed comes with many waves and perks, with a flexible work schedule and working from home two of them. However, the benefits don't extend to health insurance, as not having a health insurance plan from an employer can cause you to become anxious. You start wondering what your choices are and how much it's going to cost you.
Thankfully, there is such a thing as self-employed health insurance
Small business owners and other self-employed individuals in Georgia have access to the Small Business Health Options Program or SHOP exchange.
The Georgia exchange is supported by the federal government and makes any business with a maximum of 50 employees eligible for this type of insurance.
If you’re not a business owner, you can get self-employed insurance as well, just as long as your reported income is via a business with no other employees.
Your premiums are tax-deductible
Being self-employed means that the total of your health insurance premiums can be fully deducted from your personal income taxes if you show a year profit. The sum of your premiums is generally recorded on the 1040 form line 29, which will have your adjusted gross income reduced by that amount.
You may receive a subsidy
You could qualify for a subsidy which comes in the form of tax credit should your income fall below a particular level. The income level is based on federal guidelines and changes each year.
You should understand that being self-employed in Georgia doesn’t exempt you from getting coverage via an individual health insurance policy. If you are interested in learning more about this and getting quotes, simply fill out the Very Good Coverage Quote Form.
This option is also available to self-employed individuals in Georgia. The state of Georgia states that any group of 2 employees with an employer can be considered eligible for a small group health insurance policy in Georgia. This means if you have a business and a full-time worker, you can apply for group health insurance coverage. These Group Plans include:
You work hard every day, but insurance coverage shouldn’t be hard work. Let’s get you started at Very Good Coverage!