This topic should give you a better understanding of which might be the best way for you to insure for Florida self employed health insurance.  In fact, you have all the choices a non-self employed person has in the private market.   The question you probably have is… Should you go for a private plan or a group plan?  If your business is incorporated, there is a choice for you.

The most common reason to attain a group plan is if you can’t pass underwriting for an individual or family plan.  Group plans are considered guaranteed issue.  More often than not, you will be looking at a higher premium for group as there is either little to zero adverse carrier actions for medical conditions.  Please see an earlier post of mine to gain more knowledge about the differences between group and individual.  I am assuming in this topic you are in good enough health to meet an individual plan’s underwriting guidelines.

Let’s quickly discuss taxes.  There may be more of a tax incentive for  you to take a group plan over an individual plan.  Check with your accountant first.  However, as a self-employed person, you are able to write-off your premiums on the 1040 each year if you take a private plan.  Coupled with a health savings account, you will add more tax sheltering and should realize lower premiums.  The goal here is to get solid major medical coverage and help you keep more money in your pocket.  Nothing worse than wasting unneccessary money on premiums if you don’t use all the services a plan provides.  Don’t worry, RTC Insurance Advisors will help you with the plan.

What is an HSA and is it mandatory?  The health savings account is an optional bank account you are allowed to open and use if you have an IRS qualified major medical health plan.  Not every high deductible plan is HSA qualified.  The bank account basically gives you three tax advantages a traditional plan does not give you.

1.  The funds you deposit can be used tax-free for services such as Doctor visits, prescription Rx as well as over the counter Rx, dental and vision to name a few.

2.  You can take an above-the-line tax deduction yearly on the funds in deposit.

3.  The money you have in your account will earn interest on a tax deferred basis.

Your deposited money rolls over year after year.  You don’t lose what you deposit if you don’t spend the money.  At 65 years of age, you can use the money for your retirement and/or to pay your Medicare Supplement premiums.

For more information about how to insure for Florida self employed health insurance, head over to www.rtcinsuranceadvisors.com or call us at 352-200-2066.  We look forward to serving your health insurance needs.