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Tips for entrepreneurs and freelance workers in taking control of their healthcare

1. Begin with the correct policy. If you can't get on your spouse's plan, you'll likely be responsible for finding your health insurance. In case you're battling to understand the differences between plans, the marketplace site ought to have a "navigator" accessible to walk you through the benefits and downsides of each option. They can moreover offer assistance to reply to any questions you might have.

2. Know your plans and premiums. As an entrepreneur or gig worker, you'll need to strike the correct balance between picking a great policy and selecting a policy you'll afford. A policy with a lower month-to-month premium won't necessarily be the most affordable. So, to save cash on your policy, begin by deciding how frequently you'll need coverage.

3. Deduct, deduct, deduct. Since 1987, the self-employed health insurance deduction has made a difference to independent workers cut back on their healthcare costs. Note: in case you are a single filer with deductible costs totaling less than $12,400 in 2020, you'll need to take what's known as the standard deduction instead.

4. Set up a Health Savings Account. Consider setting up a savings account like HSA to manage your healthcare costs. For you, as a business person or gig-worker, it can lower your taxes and assist you to pay for out-of-pocket costs that insurance might not cover. You'll utilize it to spare for retirement as well.

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