smart spending

The surprising cost of working freelance

Pay for your own health insurance
Next
4 of 9
Back
Pay for your own health insurance

Doing what you love seems to come with a hefty health insurance price tag. As a freelancer, you have to pay your entire health insurance premium. So when you shop for health insurance, you may need to look for a plan with a high deductible to save money, Goodman says.

She recommends hooking up with an insurance broker who works with multiple insurance carriers to find the best plan. "They can help you pick out something that's more catered to your needs," she says.

You also should look into creating a health savings account, or a savings account not taxed at the time of deposit. An HSA rolls over at the end of the year, so you won't run the risk of losing your money, Goodman says.

Tax deductions help mitigate the cost of health insurance. In September, President Barack Obama signed the Small Business Jobs Act, which allows freelancers and small business owners to deduct the cost of their health insurance before computing their self-employment taxes.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.06%  0.22 4.28%
15 year fixed 3.17%  0.07 3.24%
5/1 ARM 3.52%  0.11 3.41%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.36% --0.00 4.36%
50K FICO-based HELOC 4.06% --0.00 4.06%
100K FICO-based HELOC 3.91% --0.00 3.91%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79%  0.10 2.69%
48 month used car loan 2.98%  0.06 2.92%
60 month new car loan 3.23%  0.04 3.19%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.94%  0.01 0.93%
2 Year CD 1.13% --0.00 1.13%
5 Year CD 1.76%  0.00 1.76%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.77%  0.06 15.71%
Cash Back Cards 16.44%  0.03 16.41%
Low Interest Cards 10.96%  0.10 10.86%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us