Having health insurance can feel like an unnecessary expense at times, especially when you’re self-employed and have so many other things to worry about.
Self-employed people typically have so much going on at once that they have trouble even finding the time to look for a good policy. However, the undeniable fact of the matter is that having a good health insurance policy is one of the most valuable assets anyone can have. It should be one of your main priorities. Health insurance gives you access to all sorts of services that help you stay fit and healthy, such as annual check-ups, preventative screenings, and more. Here are the six reasons why self-employed people need good health insurance.
1. The Real Cost of Being Uninsured
While it’s true that healthcare can be expensive, that’s no reason to boycott the system and not get health insurance. The risk of going without insurance is not worth it. Think of health insurance as being like car insurance. If you don’t have insurance on your car and get into an accident, then you need to pay for all the damages and repairs not just on your own car, but the other car as well – if you were at fault. You’ll end up with a damaged car or, in a worse-case-scenario, no car at all. You would be unable to go on with your regular life or even get to work without your car.
Multiply that scenario tenfold and you’ll see the real cost of being without health insurance. Health insurance isn’t there to protect you from small things like seeing the doctor every so often. It’s there to protect you against the proverbial car crashes. It’s better to have insurance and pay up to $100 for a trip to the emergency room than no insurance pays up to $3,000 just for basic care.
2. Potential Tax Benefits
If you’re still on the fence about health insurance, then keep in mind that it may not be as expensive as you think. There are two assistance programs to help people pay for health insurance. The first is the Advance Premium Tax Credit (APTC) and the other is the Cost Share Reduction (CSR). The APTC helps cover the cost of monthly premiums while the CSR reduces the overall cost for the point of service. For example, it would reduce the co-pay for visiting a doctor. Be sure to check if you qualify for either of these programs.
Also, check to see if you qualify for insurance-related tax credits. You may be able to deduct a full 100% of your health insurance premiums from your taxes. You can deduct the costs for yourself, your spouse, and your dependents. This tax deduction applies to local, state, and federal income taxes. Please note it does not apply to self-employment taxes.
3. The Health Benefits
You can get coverage for ten essential health benefits under an Affordable Care Act (ACA) compliant plan. This includes services such as screenings and vaccinations. Having access to these services and this information helps you make the right choices for your health and wellbeing.
4. Free Wellness Programs
You may get access to free wellness programs depending on your health insurance provider. Providers offer these programs to help you lose weight, eat better, quit smoking, reduce stress, and get other health benefits. Improving your health means you have more energy and can focus better on your work. You’ll be more productive during the day, sleep better at night, and enjoy the reduced premiums that come with better health.
5. Digital Tools and Telemedicine
We live in a fast-paced world and need instant access to healthcare to deal with that. When looking for health insurance, be sure to ask about telemedicine apps and services. Services such as UPMC AnywhereCare give you instant access to healthcare through your computer or smartphone. Telemedicine apps let you make appointments and handle non-emergency conditions such as visiting a doctor. These services are flexible and convenient and are with you for anything life throws at you.
6. Direct Access to Doctors and Hospitals
You need to be your best to work at your best. Unfortunately, you can’t predict accidents and when you’ll need urgent medical care. Getting care when you don’t have insurance is costly and difficult. Therefore, you need to get access to a healthcare plan with a robust network of care providers. This way, you’ll always have access to the care you need.
Protect Yourself and Your Health
You need to make your health a priority. Your business is important, but it relies on you to function properly. You won’t be doing you or your business any favors if you don’t have insurance and find yourself unable to pay for medical expenses or find medical help when you need it.
