If you live in Vermont and you are self-employed, you might have questions on how to find health insurance coverage that suits your lifestyle. With Very Good Coverage, you can discover how to compare costs for coverage.
While your monthly premium is an important factor that you should consider, there are other potential out of pocket expenses such as deductible, copayment, and coinsurance that you have to be aware of.
The next step would be to consider the copayments for specialists, doctor visits, emergency care and urgent care.
After you have discussed your premiums, you have to be aware of what your deductible would be. Locating the appropriate plan means thinking about what your healthcare needs are to be for the year. For instance, a high-deductible health insurance policy can be a great choice if you are healthy and don’t seek healthcare too often.
Equally, if you have health concerns that require prescriptions and regular hospital visits, you might be better off with a plan that has low deductibles and a higher monthly premium.
When searching for self-employed health insurance plans, you should search for plans that come with virtual doctor visits and telemedicine as these are typically less expensive than in-person visits.
You might also want to open a tax-advantaged savings account like an HSA for health-related costs.
Check to see if you are eligible for subsidies or tax credits on your monthly premium.
This can be a lot to wade through, that is why Very Good Coverage provides a seamless way to cut through the multitude of information to provide you with a quote that perfectly captures your health insurance coverage needs.
You may receive a subsidy
You could qualify for a subsidy which comes in form of a tax credit should your income fall below a particular level. The income level is based on federal guidelines and changes each year.
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's profit. The sum of your premiums are generally recorded on the 1040 form line 29, which will have your adjusted gross income reduced by that amount.
You can get self-employed health insurance in Vermont via the Vermont Health Connect marketplace. This can be done by filling the Vermont Health Connect application.
Selecting a policy is an important decision that requires careful consideration and research. Should you have questions or concerns about finding the right self-employed insurance policy for you, Very Good Coverage is here to help.