You could possibly qualify for a tax deduction if you have some form of self employed medical insurance. This type of deduction has the potential to substantially offset the cost of getting insurance. It’s no secret that the price of insurance has been on the rise for over a decade now. Some years see percentage increases in rates in the double digits. That means that many people can no longer afford the same amount of coverage. The government is trying to offset this problem by offering tax deductions. Many people are unaware that they exist, or don’t know enough about the tax system to get a deduction. If you are confused about the process you should talk with a tax professional.
Being self employed can be risky for a couple of reasons. One is that you usually won’t qualify for unemployment benefits if you are unable to find work. That is because you weren’t paying into the system for that service. You don’t want to be missing out on insurance either if something bad were to happen. If you need self employed medical insurance you may want o look for a individual plan, or a group policy. Remember that any type of insurance will be better than none at all. Plus the costs can be offset in a variety of ways.
Some people who work for themselves will be pleasantly surprised to find out how much their insurance will qualify as a deduction. In some cases you could get thousands of dollars back. The problem is that many people are unaware of this benefit and don’t claim it. You should consult with a tax professional that can help you get the most money back from your tax filing. Self employed medical insurance may be more affordable than you think, even with the high premium you initial pay for each year.