Self-employment is the dream for many Americans. It offers independence and allows one to determine his or her own success. In Arkansas, particularly in the transportation industry, we have a number of independent contractors who desire to control their own futures. While the notion is appealing, there are disadvantages for which the self-employed individual must plan. One of those is health insurance coverage.
Enrollment for 2018 health insurance coverage ends Friday.
Arkansans wishing to purchase health insurance have until Friday, December 15 to sign up on the state’s My Arkansas Insurance Individual Marketplace. Uninsured Arkansans may face federally mandated penalties on 2018 tax returns of up to $695 per person.
Having health insurance isn't an option.
The biggest risk when going it on your own in the job market is benefits. If you’re like most self-employed or contract workers, you keep the overhead low by skimping on the employee benefits. When you’re the only employee, that’s just bad business.