The way you suggest is correct reporting. When you include the health insurance as part of your wages, the amount in box 1 is going to include the premium amount, which is also reported in Box 12 with a code of DD (reporting there does not raise your wages any additional amount). Also, reporting in Box 14 shows that the amount was a post-tax amount (because it is included in your wages), but will not double-add the amount into your tax return. (Box 14 is informational).
However, the insurance premiums are not included for Social Security and Medicare tax. So you will not need to include these amounts in boxes 3 and 5.
Then, on your personal return, make sure you claim the self-employed health insurance premium deduction to have these insurance amounts removed from your income. Please see this FAQ for additional information:
https://ttlc.intuit.com/replies/5564269
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