Solo entrepreneurship in the real estate industry comes with its share of challenges, including finding the right health insurance. The traditional route involves sorting through countless options alone on state exchanges, aiming to find one that meets your specific needs and budget.
The best approach? Knowledge is power, and here are our three favorite tips for managing healthcare as a real estate entrepreneur:
1. Know your policies
All plans on exchanges fall into one of the five following categories: Catastrophic, Bronze, Silver, Gold, Platinum. Bronze plans o!er low premiums and high deductibles, while Platinum have low deductibles and high premiums. Crunch the numbers based on your expected healthcare spending to find the right policies for you. A licensed agent is ready to review with you.
2. Take advantage of tax deductions
If you are fully self employed and unable to receive coverage through a spouse, you are able to deduct medical expenses on your taxes. Make sure to itemize! Get connected with a CPA who specializes in real estate below.
3. Consider an HSA
An HSA is a way for you to lower your taxes and cover out-of-pocket healthcare expenses. It can also help you save for retirement. For example, Fidelity’s HSA stashes your cash in a money market account, which can earn more than 5% APY with current rates.
