Commonalities in Self-employment Health Insurance between Canada and the United States
Commonalities in Self-employment Health Insurance between Canada and the United States
As more people leave their jobs working for an employer in Canada and the United States, the need arises for insurance. Self-employed health insurance may be different for Canadians and Americans but there are also a lot of common points. For instance, if you are Canadian or American, and you have a family, you will need comprehensive coverage for such things as dental care, and vision care.Canadians are having a hard time looking for a self-employed health care plan that will cover dental and vision services. However, tax laws are in place for Canadians that allow you to deduct the cost of your family's dental and vision related visits from your income taxes. Likewise, it can be nearly as difficult in the United States to find affordable coverage that offers the same extras.
Sole-proprietors in Canada can find a health care coverage that fits their health care needs. It is normal to sometimes feel that your coverage is not enough for all your medical necessities.
What you can do about it is to start investing on a health savings account so you'll have enuogh to fill the gap. If you and your family are healthy, it might behoove you to invest in your own health insurance. It might be better for you to open a health savings account rather than to pay premiums to an insurance company. When you have an HSA already, instead of paying premiums, deposit that amount to your HSA. You let the money accrue until the time in which you need it.
In Canada and in the United States, if you are employed by a company, it is easier to get health insurance with dental, disability, and vision provisions. But self-employed individuls don't have the same luck. Here are ways to get the kind of health insurance to cover all your needs:
Buy health insurance without the extras - vision, dental and disability can cost you too much
Let your spouse cover you on his/her group health insurance plan at his/her place of employment
Purchase a membership in an association that offers group health insurance for self-employed people
Find a second job for a company that offers group health coverage
Invest in a health savings plan on your own
Though health insurance for the self-employed is expensive, in the United States, to decide not to have any form of health insurance is way too risky. Without health coverage you could be jeopardizing your financial future. If an accident or an illness suddenly strikes, your finances might be drained. If you live in Canada you would not meet financial ruin, because health care is given to everyone as a basic right.
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