Health Savings Accounts for the Self-EmployedIf you hold a traditional job, chances are you get your health insurance from your employer. But if you are self-employed, you have no such luxury. Self-employed individuals must make arrangements for their own heath care, and buying a health savings account can be a smart move for those entrepreneurs.Other People Are Reading
How Does a Health Savings Account Lower Health Insurance Costs?
Can You Deduct Insurance Premiums If You Are Self-Employed?HDHPBefore you can open a health savings account you must first have a high deductible health plan in place. When you shop for individual health care plans, be sure to let the agent know that you need a plan that is HSA-eligible. Not all plans qualify. As of 2011, eligible plans must have a minimum deductible of at least $1,200 for an individual or $2,400 for a family.Health Savings AccountsOnce you have your HDHP in place, you can start shopping around for a health savings account. You can find health savings accounts at a number of places, including banks, brokerage firms and mutual fund
companies. Choose the administrator that offers the best range of investment options for you. Also look for an HSA that does not charge excessive setup charges or ongoing fees.Tax SavingsAs a self-employed individual, you want to reduce your taxes as much as possible. The self-employed are subject to a number of taxes not borne by regular employees, so tax savings are even more important. When you open a health savings account, you can take a tax deduction for that contribution, which can lower the amount of your self-employment income subject to taxationRead more : http://www.ehow.com/info_7942305_health-savings-accounts-selfemployed.htmlRead more : http://www.ehow.com/info_7942305_health-savings-accounts-selfemployed.html