A majority of US citizens get their healthcare coverage from their employers at a discounted rate. This gives small business owners, entrepreneurs, and freelancers a major disadvantage when it comes to finding quality healthcare at an affordable price. Thus, it becomes important to lower healthcare costs as much as you can.
If you have shopped around for an individual health insurance plan, you know they can run upwards of $400 to even $800 per month. This astronomically high number may lead you to consider leaving your passion for working full-time simply for cheaper insurance.
Fortunately, here are some ways you can lower your healthcare cost as an entrepreneur or small business owner.
Deduct Medical Expenses
When it comes to your taxes, you can deduct all of your medical expenses, including your health insurance premium. This can save you quite a bit of money in taxes each year.
Make sure to write off anything from prescription medication to eyeglasses and even transportation to and from doctor’s appointments. These deductions can decrease your taxable income greatly, meaning you have less to pay in taxes.
Lower Healthcare Costs: Choose Your Plan Carefully
Finding the right health insurance plan takes a lot of time and research. Unfortunately, it isn’t as straightforward and comprehensive as, say, buying car insurance. Make sure to do your research thoroughly so you find a plan that is right for your needs.
Remember to look at more than just the premium cost each month. The deductible and office visit fees can really add up over time, so be sure to check those numbers as well.
Look for Tax Breaks
As a small business owner or freelancer, it’s a good idea to work with a tax professional to save you money each year and calculate how much you owe. When tax season comes around, ask your accountant to look for medical tax breaks.
For example, if your healthcare costs are more than 7.5% of your annual gross income, you may qualify for a tax break. Again, consult a tax professional to see if you can benefit from this.
Shop Around for Care
You wouldn’t purchase the first car you see at a dealership, right? You would shop around to find the best deal and the highest quality car. Why wouldn’t you do the same for healthcare?
In your area, interview and research local medical offices and determine which ones you would like to use based on their healthcare quality and prices. Usually, we don’t think of doing this when we get sick or injured because we need medical treatment quickly. So, when you’re healthy and feeling good, shop around for your preferred medical services.
Ask About Clinical Analytics to Lower Healthcare Costs
When searching for a doctor in your area, ask them if they use clinical analytics. This innovative technology can help lower healthcare costs for patients as well as improve patient care with AI processes.
Amitech Solutions is one of the leading companies that provides clinical analytics strategies to medical establishments. Simply ask the office if they utilize this resource or if they plan to in the future to see if their costs are patient-friendly.