Health Insurance for the Self-Employed

After a long week, your boss pulls you into his office to chew you out for something your brown-nosing co-worker did. As you take the verbal beating, the blood in your body starts starts to rise. Just when you think you can’t handle any more, you find yourself screaming, “I quit!” Playing out everyone’s work quitting fantasy.

Congratulations. You are now out of a job. If the thought of going back to work for someone else, sitting at a desk, day after day, can be mind-numbingly painful. You could decide to strike out on your own.

Self-employment can be a great way to become your own boss and do something you are passionate and get paid for it!

While it is more ideal to not quit your day job until you have your own business in the works, there are some key tips to jump start your business.

  • Network, network, network. In all businesses, big or small, networking is key. The more people you know, the more successful you will be.
  • Get a good accountant and a good lawyer. Ok, ok, you might not need a lawyer, but you need to have good relationships with knowledgeable professionals. They can provide you a lot of advice that can save you thousands.
  • Go with your gut. If you have a bad feeling about a decision, don’t make it.
  • Know your tax deductions and keep meticulous records. Knowing the right tax deductions can not only save you money, you could have seriously consequences if you file incorrectly. Talk to a professional. They will be worth their weight in gold.
  • Know your boundaries. Set specific work hours and stick to them. Know how much money you are willing to put into it and stick to it.
  • Get educated. And not necessarily in a classroom. Many different types of occupations offer classes to teach business people new tips and give them an opportunity to meet other people in their field. Check out a book from the library, join industry sites, take a free Webinar. Constantly try to stay on top of the current trends. It will keep you afloat.

In order to have a successful business, you need to take care of yourself. Eat well, exercise and get health insurance. Health insurance for the unemployed can be purchased through most health insurance providers. And health insurance premiums are tax deductible for the self-employed as a business expense. However, if you recently left your previous job, you could be eligible for COBRA health insurance. COBRA is an option for qualified former employees to keep their health insurance for a short amount of time after they stop working.