Sure, being self-employed comes with advantages. As your own boss, you get to choose your own hours and pursue your passions. But all that freedom comes at a cost. For more entrepreneurs, affordable access to healthcare is one of the downsides of the profession.
Unlike salaried employees who have access to company spending plans and insurance policies, entrepreneurs have to build these safety nets on their own.
Shop Around for the Right Healthcare Insurance
Insurance is an expensive addition to your monthly budget, yet it’s not something you should skip to save money. A good policy acts as a backup when you need medical care, covering the cost of primary physicians or specialists and their tests.
Shop around for companies that cater to the self-employed. There are a lot of options out there, and your choice may affect your coverage and cost.
As an entrepreneur, you should also build out your healthcare costs into your services. Factor your monthly premiums into your prices.
Don’t Forget to Deduct These Costs at Tax Time
If covering your premiums casts a gloom on your budget, consider tax time your silver lining. As an entrepreneur, you can deduct your monthly health insurance payments if you meet certain requirements.
Hold onto your bills or invoices, too — you might be able to deduct specific medical expenses not covered by insurance.
Build Healthcare Costs into Your Budget
Even with insurance, you’ll want to put aside some money in savings. You might be stuck paying out-of-pocket expenses before you receive compensation, or you might have to cover a sizeable deductible before your policy kicks in.
If you’re struggling to make these contributions every month, sit down with your budget to understand your cashflow. There might be some unnecessary spending you can reduce or remove to free up cash for savings.
How to Handle an Emergency Before You Save Up Enough
No savings account is immune to bad luck. If you break your wrist the same month you empty your account for a routine checkup and a prescription renewal, you might not have enough to cover this unexpected trip to the hospital.
In such extreme cases, you may consider getting a loan online carefully. Online emergency loans work as a bridge between your savings and unexpected medical expenses. If approved, you’ll get the cash you need to deal with your emergency, which you’ll pay back over time.
Before applying, go online to learn about your options for borrowing. This way, you can compare rates and fees to find the most appropriate online loan available to you today.
Check in with your budget to make sure you can afford to repay these loans online on time. Ideally, you’ll have enough cash to cover these payments and rebuild your emergency fund.
Bottom Line:
Good health has no price, but health insurance and medical expenses certainly do. Unfortunately, these costs can be hard for many entrepreneurs to handle out of pocket. If you don’t set up safety nets to help you with these costs, your health can suffer as a result.
If you’re struggling to pay for medical costs, remember this guide to get the healthcare you deserve. These tips will help you find financial security as an entrepreneur.
