Health Insurance for self employed

4 Replies

Ok not a real estate question but I know its something that affects us all. Health Insurance what does everyone do when they are doing real estate full time, for Health insurance. Obama care has been Trumped up to the point it is pointless and in my area does not exist any more. I work just for my insurance but its going up so high its almost not worth working any more. My wife the same. Its a shame we just don't all because an organization for group health insurance lol.  So what are your secrets to paying for drugs and doctor visists ? 

Health insurance premiums can potentially be deductible, depending on specific facts and circumstances. For example, some of my clients invest in an LLC taxed as a partnership. The health insurance premiums are paid by the LLC. These are then deductible by the individual taxpayer.

Also, consider a Health Savings Account (HSA) to pay other medical expenses, such as doctor's visits, prescription drugs, dentist, etc.

I'm in the same boat, @David Finley .  My premium for the same plan is going from $400 to $730 (that's a little over 80%).  If I want, I can pay $460 for a bronze plan (I'm currently on silver).  

I jokingly put up a Facebook post offering to marry anybody with decent health insurance.  I got a couple of takers, but ultimately I decided that kind of marriage doesn't work for me.  (Yes, I'm tongue in cheek here....)

My plan is to grin and bear it.  Ultimately, $330 isn't going to make or break me.  But i'm certainly not happy about it.  

As self-employed, my better half & I simply buy our health insurance. I'm a firm believer in always having health insurance, 'cause ship happens. When I was employed, of course I was on my employer's plan.

Premiums have been going up every year for decades. Obamacare reset them significantly lower, but of course the annual increases have continued since then. I don't think that's a reflection on the law, just the reality that the insurance companies, hospitals, and doctors all want to make their millions. I don't blame Presidents Obama or Trump - it just is what it is. Personally, I like the transparency & uniformity of the ACA, but of course others have complaints. I wish our elected politicians would get together & fix the issues with health insurance in our country instead of making it a political football...

That being said, regardless of what Congress & the President does with regards to Health Insurance, taxes, etc., it's not my approach to complain about it, but to instead how to best benefit from whatever comes our way.

FWIW, I started on Bronze for years and last year switched to Silver. My partner was on Platinum for years and dropped down to Gold last year. I haven't looked at costs and options for 2018 yet...

I hope that helps.

Best of luck.