With an unemployment rate that has only been going down, truckers are having a difficult time predicting their income over the coming months. With this comes the first set of misfortunes: they face many more expenses and find themselves falling behind on their student loan payments. Read this article to learn 5 important reasons to check out health insurance for self employed truck drivers!
5 Important Benefits of Truckers’ Insurance
Business vehicles need to be insured as if they were personal. Self-employed truckers are not exempt from this. Truckers can rest easy knowing their business has coverage in the event of an accident or mishap. Some benefits may include liability insurance, vehicle protection and compensation, medical benefits and much more.
Why self-employed truckers should consider health insurance
Self-employed truckers regularly do freelance work and the self-employed often use their own equipment or vehicles for their work. Self-employed drivers are required to pay for their health insurance coverage on top of a hefty tax. Paying for health insurance can be difficult, which is why many drivers consider buying self-insurance. If you earn more than $2,000 in earnings from trucking and are considered part of a self-employed profession, you may qualify for government-funded health insurance (Healthcare.gov).
Core Health and Wellness Benefits of Truckers Insurance
Many truck drivers earn enough to maintain health insurance coverage they can afford, but there are a few considerations that must be taken into account. There are a variety of benefits included with your TRICARE Prime – including prescription drug coverage, medical evacuation benefits and the right to see an ophthalmologist almost free of charge. Self-employed truckers may also consider employee health insurance or these other options carefully before purchasing TRICARE Prime if they expect to use it in its entirety or as part of their overall insurance file.
What Are the Differences Between Truckers’ Insurance & Owner’s Policy?
When you hear someone regale a tale about what it’s like to be a trucker, the words “personal injury protection” or “loaders” will probably come up frequently. Personal injury protection is a good insurance policy for truckers as it will pay for medical expenses and lost wages if you accidentally hurt yourself on the job. A loader, on the other hand, is a policy that pays for wages if you have an interruption in your services because you’re suffering from an emergency medical condition.
How to claim a tax deduction for your tracker insurance plan
Trucker insurance is a necessary evil for truckers. Most companies provide coverage, but it’s more expensive and sometimes harder to get, especially from smaller carriers. Self-employed truckers have their own identity concerns: How can I claim the cost of trucker insurance as a business expense? If you’re covering yourself with your own insurance, running the numbers is critical before you submit your sales tax return in April so you don’t miss out on a big chunk of change by not attaching your mileage logs.