North Carolina

Self-Employed individuals face quite a unique set of health insurance issues. For one, they don’t have an employer to give them group health insurance coverage and neither can they share in the cost of premiums. Self-Employed people are solely responsible for searching for and paying for their own health insurance coverage. 

While this can seem like an extremely daunting task, there is such a thing as self-employed health insurance which can help these individuals prevent a significant loss of business or personal assets should unexpected medical issues arise.

Who Can Get Self-Employed Health Insurance

To be eligible, your income needs to come via a business that doesn’t have any other income-reported employees on your W2 form. 

The good news is that there are numerous cost assistance options available to select from. 

If you are self-employed and run a business, you are also not left out. All you have to do is register as a small business and use the SHOP exchange to get a policy that is made just for you. 

What Should You Know About Self-Employed Health Insurance?

One thing you should note is that the cost of self-employed health insurance in North Carolina varies depending on the type of plan you choose and of course, your provider. 

How much you pay as monthly premiums is wholly dependent on your income. For instance, there are certain plans that are only available to individuals with a low income.

Self-Employed health insurance policies are also flexible enough for you to switch your plan to suit your income levels. This also means that you may be eligible for government subsidies which can help lower the cost of coverage.

Types of Self-Employed Health Insurance Plans Available

Just as with family and individual health insurance plans, self-employed health insurance coverage comes with various plans you can select from. They include:

  • POS
  • EPO
  • PPO
  • HMO
  • HSAs

Self-Employed health insurance can be affordable, as there are some plans that work alongside HSAs or Health Saving Accounts. HSAs let self-employed individuals save money tax free till it is required for healthcare. Should the money kept in the health savings account not be needed for any medical costs during self employment. It can become available to be used without any penalty or restriction during retirement.

Benefits of Self-Employed Health Insurance In North Carolina

  • Individuals that get self-employed insurance for themselves and their families are eligible for tax deductibility. This means they are able to deduct 100% of their premium.
  • Considering you would be paying the premium and receiving the benefits, you are eligible for high deductible and low cost comprehensive plans like PPOs.
  • Being self-employed also means that you can be eligible for a group plan. And being part of a group plan means that you can pay for insurance coverage using pre-tax dollars. This has the benefit of significantly reducing your contribution amount once the year ends.
  • If you are a small business owner, you might be eligible for tax credit, which can help reduce the cost of your employees’ premiums.

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