Self-Employed and Liability
Thinking about taking the next step and becoming self employed while living within the borders of New York State. In an economy that is sliding downhill, no task is easy to accomplish. Will the business that you are interested in requires hiring a few extra hands or will you be working solo? It is difficult enough to make the transition when the economy is doing well. Are you prepared to start while there are so many others becoming unemployed?
Liability insurance alone will be costly for a start up operation. Adding affordable health insurance and automobile insurance, you could have an unforeseen problem on your hands before you even get started. If you do a little research before hand you will find there are a few simple steps that will guide you through. A place to visit is www.self-employed-health.org who will guide you on your way to a successful business. They offer a simpler and yet well-structured program listing 5 specific ways to reduce the cost of medical care premiums while still receiving adequate coverage.
- Know your plan. Be aware of which Doctors and Hospitals in your area accept your individual health insurance provider. Try to stick to your plans or strategies because it could cost you more if you stray.
- Find other options. Learn the details of your prospective health care policy and see if you can eliminate some of the coverage that is not essential to you.
- Opt for the generic drugs when possible. Ask your pharmacist for the generic version first, if you have added a prescription drug clause, to keep the expenses down.
- Consider the possibility of an HSA or Health Savings Account. This will help you set aside necessary money for out of pocket expenses like deductibles and co-payments.
- Remember to do some research of how much you can claim as a write off on taxes. This is money you can deduct from your IRS Form 1040. Following government guide lines you will have the ability to write off medical health insurance expenditures up to 7.5% of your yearly adjusted gross income.
It may seem overwhelming at first, but in time it will become easier. Starting a new business is never easy, but it can be very rewarding. Best of all is the opportunity to be your own boss and setting not only the rules of operation, but the amount of time to be devoted to it. Whether a business in the field of sales, landscaping, construction, painting, roofing and so many other countless opportunities, there are so many things to consider.
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