Welcome to Self-Employment Guide
Employment Work At Home Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Health Insurance for the Self-Employed
from: Daniel LamauteHaving health insurance and being able to afford it is a great concern for many who leave a corporate job to run their own business.
The national crisis in health coverage is hitting the small business owners especially hard. About 24 million small-business employees and their families are uninsured, according to a study by the Kaiser Family Foundation.
After you leave your employer you may elect to continue to receive coverage in the employer's group plan at your expense for up to 18 months. The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that requires employers to allow departing workers to buy health insurance through the employer's group plan.
However, the cost of the monthly premiums for COBRA can come as quite a surprise if you're accustomed to you employer picking up most of your health insurance tab.
Luckily starting in 2003, if you work as a consultant, freelance worker, and other self-employed individual you will be allowed to deduct all of your health insurance premiums. This is an increase form the 70% that was deductible in 2002. You can take the self-employed health insurance deduction even if you do not itemize your tax return.
But, even with health insurance the medical expenses that come out of your pocket can overwhelm you. If you have to dip into your retirement savings for certain medical expenses, the best way to do so is to transfer your IRA or previous 401(k) account to a Self-Employed 401(K) plan that you set up. You can then take a loan from that plan. Loans from a Self-Employed 401(k) plan are tax-free and penalty free as long as they are paid back.
About the Author
By Daniel Lamaute of www.InvestSafe.com Daniel is a retirement plans specialist and owner of Lamaute Capital, (InvestSafe.com) an investment brokerage firm that works with individuals and small businesses.
Employment Work At Home News
Babies don't suffer when mothers return to work, study reveals - The Guardian
 Press Herald | Babies don't suffer when mothers return to work, study reveals The Guardian ... to work, including factors outside the home, American academics claim to have produced the first full picture of the effect of maternal employment on ... Study: Working mothers not necessarily harmful to child development |
Libraries branch out into job-hunting centers - San Francisco Chronicle
Libraries branch out into job-hunting centers San Francisco Chronicle "Many of these patrons were unfamiliar with the latest trends in seeking employment, particularly in an electronic environment," she said. ... |
Unemployment in Wisconsin leads to rise in bankruptcy filings - Examiner.com
 iNews Connect | Unemployment in Wisconsin leads to rise in bankruptcy filings Examiner.com Plumbers, electricians, plumbers and other skilled trade members are not getting work from home builders as housing construction stays stalled. ... Bankruptcy filings in state up 16% at midyear: Spike tied to unemployment ... |
Extended benefits on tap beginning next week - Memphis Commercial Appeal
Extended benefits on tap beginning next week Memphis Commercial Appeal An eagerly awaited extension of unemployment benefits is expected to hit home next week for at least 50190 Tennesseans. ... |
The 10 Worst Real Estate Markets in the U.S. - DailyFinance
The 10 Worst Real Estate Markets in the U.S. DailyFinance As each month passes, it has become clearer that unemployment is the single greatest cause of high foreclosure rates and falling home prices. ... |
Hard-working nation losing its balance - Sydney Morning Herald
Hard-working nation losing its balance Sydney Morning Herald Men felt time pressure at work but not at home, unless they had young children. But women felt pressure at work and home, as they still did twice as much ... |
Robert C. Tucker, a Scholar of Marx, Stalin and Soviet Affairs, Dies at 92 - New York Times
Robert C. Tucker, a Scholar of Marx, Stalin and Soviet Affairs, Dies at 92 New York Times At the end of Mr. Tucker's two-year term of employment, Mrs. Tucker was denied an exit visa. The reason, she was told, was that Russian wives were treated ... |