Health Insurance for Self-Employed in Georgia?

Question

I am a self-employed entrepreneur in residing in the state of Georgia. What health insurance coverage would you recommend? I need good coverage (to help with existing back problems) but I want to keep costs to a minimum.

Answer 1

The problem you'll have is you will be subject to underwriting on any legitimate individual policy. Depending upon the severity, the insurance company may outright decline you or, if they accept you, may put a rider or charge extra premium for your back problem. A rider means they won't cover anything that has to do with your back or is a result of your back problem.

You'll need to visit a local independent agent that works with all the major companies. The agent can discuss your problems with the underwriters of the different companies to see what each company may do. You won't be charged any extra using the agent and you'll save time and aggravation.

Answer 2

Since you are self-employed, you might consider enrolling in a “qualified” High Deductible Health Plan (HDHP). This is health insurance with high deductible amounts, so it costs less than traditional health insurance. Under federal law, the minimum deductible in a HDHP plan is $1,100 for an individual and $2,200 for a family. The maximum deductibles are $5,500 for an individual and $11,000 a family.

The advantage of an HDHP is that you can shelter up to $2,850 for an individual or $5,650 for a family per year from state and federal taxes in a Health Savings Account (HSA). Depending on your tax bracket and where you live, that could save you as much as $2,870 in taxes per year, assuming a combined tax rate of 49.3%—6% in state income tax (Georgia), 28% in federal income tax, and 15.3% in self-employment Federal Insurance Contributions Act (FICA) tax. Another way of looking at it is that the HSA doubles your buying power, since you are using pre-tax dollars. The contributions you make to an HSA are yours to keep, rolling over each year. The funds are not taxed, provided you use them to pay medical expenses or withdraw them after age 65. The funds earn interest on a tax-deferred basis. Think of it as an IRA that you can use to pay out-of-pocket medical expenses.

To find a qualified plan, speak with a health insurance broker. A broker works with several insurers and can find the best plan, rates and coverage for you. To find a broker, log on to a website like http://www.healthinsurancewiz.com and fill out a form requesting a free quote. Good luck!

Answer 3

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