Self-employed persons or sole proprietors encounter unique challenges in finding a health insurance plan. Luckily for the residents of New York, several health plans are available to tailor the needs of those having small businesses including sole proprietors. This includes the Healthy NY which is subsidized by the state. To qualify for this program, a sole proprietor must have the following qualifications:
- A resident of the New York State
- Must be currently self-employed (or your spouse)
- Remained uninsured for the last 12 months or lost coverage because of any acceptable reasons
- Not eligible for Medicare benefits
- Total household income is below 250 percent of the state’s federal poverty level
However, providing health insurance for the family members raises a new set of questions. Several options are available for sole proprietors who want to provide health insurance for their family. First option would be to purchase an individually-underwritten policy on the open market.
It is just a matter of finding the right insurance policy fit for your requirement if you have a clean family health history. Online health insurance websites can help you find the suitable health plan for you. Many of these websites offer an instant quoting process and offer a wide selection of health plans (i.e. Vista Health Solutions).
Be sure, though, to be careful in giving out personal information in the web as there are already many scams under the cover of health insurance circulating in the internet. Keep in mind that NY health insurance companies cannot ask health questions.
However, if there is already an issue with your family’s health history, there are only a few states that provide sole proprietors with “guaranteed-issue” insurance regardless of the health history. Gratefully though, the state of New York is one of them.
Deducting cost in premium health insurance
Recent tax law reformation now allows sole proprietors to be able to deduct the cost of their health insurance premiums from their federal taxable income; but not to exceed their actual income. This puts small business owners in equity with the big ones.