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Health Insurance Options for The Self-Employed

Armen Hareyan's picture

Self-Employed health insurance

Finding and paying for health insurance is one of the most pressing concerns for self-employed workers. Although the cost of medical coverage is climbing, there is some good news. According to the Colorado Society of CPAs, you can now deduct 100 percent of health insurance premiums that you pay for yourself, your spouse and dependents, up to certain limits. And since it's an above-the-line deduction, you're eligible even if you don't itemize.

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Following is an overview of some of the health insurance options available to self-employed workers. Be aware that insurance laws vary from state to state, so you should start your search by checking with your state insurance department.

Consider COBRA coverage

COBRA, the acronym for Consolidated Omnibus Budget Reconciliation Act, is the federal law that requires companies with more than 20 employees to allow departing workers to continue coverage in the company's health plan for at least 18 months. The employee pays the full premium cost plus up to 2 percent administrative charges.

COBRA might be the best option for a person with a pre-existing condition, such as diabetes or heart disease. Since you are