Contemplating Health Insurance
Feb 22nd, 2011
Larger corporations have many advantages when it comes to an affordable health insurance plan simply because of the number of employees they have on their payroll. The potentials are endless and there are many benefits that the employees will gain from because of the number of employees with the corporation.
In many cases, the employees, especially when there are union members involved in the negotiations, the medical health coverage is at the highest level with a number of unusual benefits that are added to keep the employer and the employees satisfied. These union members may be paying more paycheck to paycheck, but they have benefits that far exceed the average employee.
Where does this leave the self-employed entrepreneur when they are only a business of one? The opposite approach ensues on the part of the insurance provider that becomes obvious to the self-employed individual. You are treated as an individual who is in search of an individual health insurance policy and this will be very costly. The self-employed insurance policy is very similar and the insurance provider will be very happy to offer you one of these insurance policies.
The new addition to those entrepreneurs in search of a self-employed health insurance policy is the fact that soon you will have the advantage of deducting your annual self-employed insurance premium from your Internal Revenue Form 1040 without the need to fine an additional Internal Revenue Service Schedule A and C, which is not available to other employed individuals.
One if the more interesting changes for the self-employed entrepreneur is how you perform your business skills. If you operate as a consultant, freelance entrepreneur, or a variety of other self-employed avenues you will now be permitted to deduct your average monthly cost for health insurance annually at a rate of one hundred percent.
This may not be a benefit that you can utilize for your self-employed business, but it will reduce the burden of tax you owe to the Internal Revenue Service at the close of each health care year. Be aware though that beginning with this year there were new and additional rules, laws, and regulations put into place regarding the tax burden of each individual.
There are still new laws being introduced to the self-employed entrepreneurs and one of the items is to disallow any deductions in future years. Whether this will hurt self-employed entrepreneurs and interfere with the new united health care rules is yet to be discovered.
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