![]() This structure is frequently used in conjunction with “Indemnity Plans.” If you are offered with one of these plans, insist on seeing the written schedule of benefits. Numerous plans, some of which are targeted exclusively at self-employed and independent individuals, include a clear schedule of what they will pay per medical office visit, hospital stay, or even per 24-hour period for testing. Internal controls are used by all real insurance plans to determine how much they will pay for a certain procedure or service. Consult your accounting professional to determine your eligibility and/or visit the IRS website for additional information. This alone can cut your net out-of-pocket costs associated with a suitable plan by up to 40%. Numerous individuals who pay their own expenses in full are allowed to deduct their monthly insurance premiums. In general, independent contractors (1099s), home-based business owners, professionals, and other self-employed individuals do not take use of applicable tax rules. ![]()
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