More Americans today are making the decision to be self-employed. Although this course of action has many advantages, sourcing your own health insurance is not among them. With the rising costs of healthcare, health insurance is essential for everyone, including the self-employed. If you go uncovered, you may have to pay costly medical bills out of pocket, losing the opportunity to have affordable access to providers and facilities. Fortunately, self-employed people have a variety of health insurance options.
State/Federal Marketplace
Self-employed people can find excellent coverage options on the Marketplace. If you are a consultant, freelancer, independent contractor, or any type of independent worker with no employees, you are eligible to enroll. You can choose a plan with lower premiums from several different categories of coverage. Your savings will depend on your projected net income for the year in which coverage applies.
Family Coverage Plan (If You Have A Spouse Who Is Employed)
If your spouse is employed, he or she should be able to obtain coverage for you under a family coverage health insurance plan. This may be possible even if you are not legally married, provided you and your partner share a home and a domestic life together, and neither one of you is married to anyone else.
Higher Deductible-Lower Premium Plan
This type of plan can lower your monthly health insurance costs. In exchange for higher deductibles, you pay lower monthly premiums. This may be a good option if you and any others on the plan are in good health and not accident-prone.
Private Health Insurance
This may be a good option for people who are likely to utilize healthcare coverage more often, either for regular doctor visits or because of a chronic illness. This type of health insurance coverage costs more, but it may be worth it in the long run, depending on your needs.
Health Insurance Through Special Interest Groups
Health insurance is available through certain groups at reduced costs to their members. For example, the Freelancers Union groups members together to help lower cost. The National Association for the Self-Employed is another organization with member benefits, including affordable small business health insurance options.
Medicaid
Millions of people in the U.S. qualify for low cost or free health insurance coverage through Medicaid. These include families, senior citizens, and people with disabilities or low income. There is no open enrollment for Medicaid – you can apply at any time.
COBRA
Under the federal Consolidated Omnibus Budget Reconciliation Act (COBRA), you may be allowed to remain temporarily under an employer’s health insurance plan if you were let go or your employment was reduced. COBRA is only a possible option if you were previously employed.
We Can Help You Compare Plans
If you are self-employed and searching for a health insurance plan, it makes sense to utilize our knowledgeable insurance agent as a resource. When you provide us with information about your budget and health insurance needs, we can help you find the best and most affordable self-employed health insurance option for you.