Posted by jojo_MN on 1/30/07 11:57pm
Msg #173363

Affordable Health Insurance

Does anyone know if there is a health insurance plan in existence for self-employed NSAs?

Reply by Kevin/Ct on 1/31/07 5:21am
Msg #173372

If you are currently insured under a group health insurance policy, make certain that your new policy is a GROUP policy also rather than an INDIVIDUAL policy. If you go from group coverage to individual coverage you may be denied coverage on pre-existing conditions for the first 12 to 18 months. Make certain that you carefully read the new policy before signing the application, and make certain that you fully understand what will or will not be covered. I just spoke to AARP recently about group coverage and was very disappointed with the information I received. Although I stressed that I wanted GROUP coverage information, I received only INDIVIDUAL coverage information. Co-pays were higher, pre-existing conditions were not covered, and prescriptions were not covered. I decided to stay with my old group coverage policy It was more expensive, but the coverage was better.

Reply by Kristen Guggerty on 1/31/07 6:22am
Msg #173373

Go to NASE (National Association of Self Employed) website. They offer plans that they do call group - they have different plans at different price levels. You can get plans that will cover medications and if you currently have insurance then there is no pre-existing condition waiting period. They also have details on a plan whereby you can deduct your premiums as a business expense which is a huge help. I currently have a private plan and was considering switching over to NASE when my husband's company made an offer of group insurance which we will take for now. However, if I need to buy insurance again, I think I'll go with NASE.

Hope this info helps.

Reply by WDMD on 1/31/07 7:17am
Msg #173374

"I currently have a private plan and was considering switching over to NASE when my husband's company made an offer of group insurance which we will take for now. However, if I need to buy insurance again, I think I'll go with NASE."

If you are eligible to participate in any month in a subsidized health plan at your employer or your spouses employer you cannot take the self-employed health insurance deduction for those months on your schedule C. You would still be able to deduct any premiums paid on schedule A. Reference-- IRS pub 535, chapter 7, page 24

Reply by ewing2surf on 1/31/07 9:16am
Msg #173385

http://nasesucks.org/

Reply by ananotary on 1/31/07 9:43am
Msg #173387

NASE sucks...agree 100%! Had it and regretted it. I then

switched to a well known health insurance company as an individual plan.

Reply by dickb/wi on 1/31/07 1:11pm
Msg #173423

if you are self employed and have health insurance......

it is all deductible................

Reply by BarbaraL_CA on 1/31/07 6:09pm
Msg #173455

Re: if you are self employed and have health insurance......

Yes, my accountant used my annual payment as a deduction. I'm fortunate enough to have a husband retired from the military, so I have TriCare Prime for $230 a year!!! When I turn 65 in 2 1/2 years then I'll have TriCare for Life and it won't cost me anything!

Reply by WDMD on 2/1/07 4:40am
Msg #173482

Re: if you are self employed and have health insurance......

dickb/wi said: "if you are self employed and have health insurance.......
it is all deductible................

Thats a broad statement. Wonder why the IRS would have 2 pages of instructions for the deduction plus a worksheet in pub 535, plus another worksheet and instructions for the deduction in the instructions for form 1040, line 29. Other tax reference material that tax professionals use such as Quickfinder and the TaxBook also state the limitations on the deduction also. There are also other limitations on the deduction besides what I stated earlier such as the deduction is limited to net income. I did misstate in my earlier post about premiums being deductible on schedule C. They would be deductible on line 29 of form 1040 if you qualify, unless you employ your spouse. Then they would be deductible on schedule C. Dick, could you please cite where I could find that ALL of it is deductible?