Self-employed? How to build a benefits package that works for you

May 30, 2025 at 13:01 PM EDT

(BPT) - Are you currently a freelancer or gig worker, or thinking about becoming self-employed? If so, you know that being self-employed means enjoying more freedom and autonomy, but also involves missing out on getting a benefits package from an employer. To help you better manage your finances today and plan for the future, here are ways you can set up your own self-designed benefits package - and a few tools to help you get started.

Get your health insurance covered

One of your first steps should be taking good care of yourself, so be sure to check out the Affordable Care Act (ACA) Marketplace online at HealthCare.gov to see what coverage options are available in your state.

Depending on the work you do or organizations you belong to, you may also be eligible for coverage through certain local associations, such as some nonprofit associations, or through unions like SAG-AFTRA, which provides health insurance for qualifying performers or media professionals. It's worth doing research to discover what's available to you at low cost.

Prioritize eye health

Most health insurance plans don't cover vision, so it's crucial to have coverage for this vital aspect of your overall health and productivity, whether or not you currently wear corrective lenses. An affordable vision plan like a VSP^® Individual Vision Plan ensures that you're safeguarding your eye health, even when you're your own boss. VSP's affordable, same-day coverage ensures that you can maintain clear vision and eye health without unexpected expenses.

The best thing is, you can purchase a vision insurance plan with VSP year-round - at any time - with no need to wait for open enrollment or waiting periods. Typical savings is more than $350 annually with affordable full-service coverage you can purchase on your own. With a VSP vision insurance plan, you simply visit an eye doctor in the VSP network and you'll get customized coverage for an annual eye exam, and new glasses, including a generous frame allowance, and savings on lens enhancements like progressives. VSP members also have access to over $3,000 in savings with Exclusive Member Extras.

Visit VSPDirect.com to find the best vision plan for you. You'll be able to compare insurance plans and find the one that best meets your needs.

Optimize bookkeeping apps

One of the trickiest things about being self-employed is keeping track of your income and expenses, so you're not only on top of your taxes, but you can also keep an eye on how your business is performing over time. And, because self-employed workers generally need to pay estimated taxes each quarter, being consistent with your recordkeeping is more important than ever.

It's advisable to consult a tax professional to ensure your bookkeeping is done correctly, but there are also a variety of bookkeeping apps and accounting software on the market that are user-friendly and can help you easily track your income, deductions and expenses in real time, making it simpler for you - and your tax advisor - to stay on track all year.

Plan for the future

No matter your current age, it's always a good idea to start planning for the future now. Actions you can take include opening a health savings account (HSA) or a Simplified Employee Pension Individual Retirement Account (SEP IRA) for your retirement savings.

An HSA offers certain tax advantages, and can be a valuable tool for helping you manage your health care costs down the road, especially when you don't have employer-sponsored health care. If you're on an ACA health plan, you'll need to enroll in an HSA-eligible High Deductible Health Plan (HDHP), then choose an HSA provider and make contributions to the account.

Advantages of a SEP IRA include the fact that contributions to a SEP are tax deductible, and that your small business pays no taxes on the investment earnings. You are also not locked into making contributions every year, if you choose not to. You can find information about opening a SEP IRA on the Department of Labor website. Again, consulting a tax professional is always recommended for making decisions that may impact your tax liability.

Going the self-employed route has several advantages, but also is most successful when you've done your homework and planned for what you need, now and into the future. By making the most of these tools that are at your disposal, you can enjoy your hard-earned success for years to come.

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Self-employed? How to build a benefits package that works for you

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