3 Reasons I Pay My Health Insurance Premium With My Ink Business Unlimited Credit Card

Up until 2023, I had one foot in the land of self-employed contractors, and the other holding down a part-time W-2 job. I chose this setup primarily to benefit from employer-subsidized health insurance. It's no secret that health insurance is a pricey purchase, and that's even more true when you don't have the help of an employer footing part of the bill. 

At the beginning of this year, however, I decided to leave my W-2 job behind and make the pivot to full-time contractor. The decision has been a great one for me, despite the fact that I had to venture into the healthcare marketplace and purchase my own health insurance for the first time, at a premium price. A few months back I applied for the Ink Business Unlimited® Credit Card (see rates and fees), and it has really helped me cope with paying this new bill. Find out what perks I get from using the card, and how you might benefit as well.

Apply now for the Ink Business Unlimited® Credit Card.

1. No annual fee and 1.5X cash back rewards

I'll start by saying that you don't have to be the owner of a traditional business to apply for a business credit card. Self-employed individuals also qualify, meaning the doors are open for all kinds of freelancers and side hustlers. When the application asks you for your business EIN, you can simply enter your Social Security number, and your number of employees would just be "1" -- yourself. 

The first big perk of the Ink Business Unlimited® Credit Card is that it has no annual fee. The second is that purchases earn unlimited 1.5% cash back rewards. Your rewards aren't capped quarterly or annually, so you can use this card for as much spending as you want and continue racking up rewards. If you spend $500 per month on health insurance premiums, that's 750 cash back points earned each month, or 9,000 points by the end of the year. 

And despite being advertised as a cash back card, this card actually earns valuable Ultimate Rewards points that can be redeemed for cash back, travel through Chase's Travel portal, or gift cards. Though the value of each point from this card is just $0.01, if paired with one of Chase's premium travel cards, you can transfer Ultimate Rewards points over for much higher-value redemptions.

Apply now for the Ink Business Unlimited® Credit Card.

2. Keep business expenses separate

Self-employed individuals are permitted to deduct 100% of their health insurance premiums paid over the course of the year at tax time. Using the Ink Business Unlimited® Credit Card to pay that bill each month is an excellent way to keep record of that expense and have easy access to it come tax time. The same goes for any other business expenses you plan to deduct. 

If you must purchase new equipment, such as a new laptop or desk, or you deduct part of the cost of your home internet or other utilities used to keep your business running, then I recommend using this card to pay for those things as well. Having all of your business expenses in one place will save a ton of time that might otherwise be spent tracking down old receipts. 

Apply now for the Ink Business Unlimited® Credit Card.

3. Don't miss this card's welcome offer!

Chase credit cards come with a ton of perks and protections. That's why many of them can be found on our best credit cards list. If you're not currently an Ink Business Unlimited® Credit Card holder, you can apply today to take advantage of its stellar welcome offer. Earn $750 bonus cash back after completing a minimum spend requirement of $6,000 in the first 3 months after account opening. That's almost unheard of for a no annual fee card.

Sure, $6,000 in spending in 3 months is on the steep side, but health insurance premiums alone can be several hundred to more than $1,000 each month, depending on your plan type and solo versus family coverage. So three months of just that bill is likely to put you well on your way to the requirement. 

If you have any other large purchases to make in the near future, snag this card now to take advantage of the welcome offer and earn that hefty bonus. And if you don't have any large purchases planned, get creative -- there are still ways to reach that spend without making unnecessary or frivolous purchases.

Apply now for the Ink Business Unlimited® Credit Card.

While business credit cards often offer perks and bonus categories that cater to business owners in a more traditional sense -- think extra rewards points on office supplies and the like -- the Ink Business Unlimited® Credit Card doesn't put your spending in boxes. Sole proprietors, freelancers, and gig workers can earn big and benefit in numerous ways by adding this card to their wallets.