3 Self-Employed Health Insurance Options: Secure Your Health

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Many people hate working under their boss. They like freedom, so they choose to be self-employed by freelancing, consulting, and doing other work or running a business. But can we deny that doing a job under a company gives us the benefit of health insurance coverage? Employers usually provide this coverage to their employees. But, what are the options in case you yourself are the employer? 

Who will provide you with coverage for health insurance? Well! Every problem has a solution, and this problem is no exception. Even if you are self-employed, plenty of health insurance options are open for you, too. Wanna know about them? 

Come, let us tour you through some promising self-employed health insurance and how to set up health insurance for you. So, let’s proceed: 

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What’s A Self-Employment Health Insurance? 

It’s individual/ private coverage for health care that you can purchase for yourself and your family members from the marketplace that directs you to the government’s health insurance schemes. 

The meaning of self-employed is that though you have an income from any business or other freelancing/counseling work, you don’t possess any employees. And, if you own employees, you have to search for small business health insurance plans for you. 

Is Purchasing Self-Employed Health Insurance Important For Self-employed Persons?

Not only self-employed persons but also all other persons (e.g., those who does 9 to 6 job) must pursue health insurance coverage for themselves and their family. This is because not being under health insurance coverage might result in a financial crisis with only one medical emergency. 

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Options For Self-Employment Health Insurance

Worrying, about how to enroll your name within a self-employed health insurance coverage? Then, visit any of the following: 

1. Health Insurance Marketplace:

Wondering if your self-employed business or your self-employed career is permanent or not? Then, which other place could be best for detecting it other than the government’s health insurance portal/marketplace? 

This is the place that will tell you if you are eligible for the premiums of lower health insurance, tax credits, and Medicaid. Besides, it’s the place where you can induct your kids’ names for their qualifying in CHIP (Children’s Health Insurance Program). 

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2. Private Health Insurance:

A few insurance providers provide such plans to self-employed people that are exclusively customized for self-starters. These plans contribute decent health care coverage, and that too at an affordable price. Self-employed people would definitely look for plans that would give them plenty of benefits. 

And Private Health Insurance for self-employed people comes with extensive benefits ranging from providing access to in-network providers/hospitals to preventive care and yearly checkups. 

You don’t have to spend any extra cost on it. Want to avail of private health insurance for you and your family? Discuss it with an independent insurance agent, who will help you find the best health insurance for self-employed persons. Also, they will help you to get that plan at the best rate. 

3. Health Care Sharing Ministries:

Though they are technically not health insurance, they are like a group belonging to an organization (such as a church/ministry) that saves money to form a fund. 

Whenever any of their group members need any money for health care, they pay it from their funds. That sounds like a promising option, right? 

It is so, but only if you are healthy and have no dependents. 

However, there are some downsides to it also. The ministries in the group will decide what amount they would pay you for your medical checkup, and you are bound to agree with it. So, there are restrictions on the amount of coverage. 

Also, the ministries might not cover the self-employed person’s pre-existing conditions since the Affordable Care Act does not administer them. 

Self-Employed Health Insurance For People Who Are Self-employed For A Limited Time: 

Some people are there who utilize their time by working as a freelancer or by doing other part-time jobs when they are just released from their full-time job. So, these type of people remains self-employed for a limited period. 

Self Employed Health Insurance For People Who Are Self-employed For A Limited Time
Self Employed Health Insurance For People Who Are Self-employed For A Limited Time

So, what about the health insurance plan of these people? Well! They, too have a few options for self-employment health insurance plans. Here are some of them: 

1. COBRA Health Insurance: 

Want to continue with your ex-employer plan of health insurance? Then, it’s possible with COBRA (Consolidated Omnibus Budget Reconciliation Act) Health Insurance. This health insurance allows self-employed people to continue with the same employer-based scheme (of their former job) for health temporarily. 

This temporary period would be up to thirty-six months but generally around eighteen months. Though the option is excellent from one aspect, from the aspect, it may be burdensome for some people. 

This is because, with this health insurance scheme, you have to pay an extra amount each month (for premium) as your employer will no longer pay it. 

Short-term health insurance will give you coverage for up to 3 months. Short-term coverage usually has two benefits: 

Sign-up is done outside of the normal enrollment period

Self-employed persons have to pay a lower monthly premium than they spend in COBRA. 

Besides, there is also a negative side to this insurance. You have to bear the high out-of-pocket costs with this insurance. Also, if you possess any pre-existing condition, this insurance will not cover your medical expense.   

2. Industry-Specific Health Insurance: 

Have you found a union of freelancers that offers great discounts on health insurance? Then, it’s none other than industry-specific health insurance. 

These health insurance schemes are accessible for certain groups ranging from caretakers to the ex-students of a college). However, before signing for a plan, go through the fine print very well. After all, why would you pay extra for a scheme that gives you less coverage than the plans available in the marketplace? 

3. Self Employed Health Insurance Cost: 

The cost of self-employed health insurance depends on many factors, such as who the health insurance covers (just the individual or his wife, children, etc.), what level of coverage the self-employed person needs, their residential place, and many more. 

Purchasing a self-employed health insurance marketplace plan costs nearly 438 dollars for a normal self-employed person. The average premium for their family is 1779 dollars per month. 

However, qualifying for tax subsidies might save you from paying large amounts. To check if you are eligible for getting this health insurance, visit the website of Healthcare.gov. 

Some Tips For Getting Self-Employed Health Insurance:

Shopping for self-employed health insurance? Then, consider the following facts: 

  • Call agencies (like the Association for the Self-Employed) that could assist you in getting a good health insurance plan. Also, membership could provide you access to some of the best health insurance for self-employed plans that offer discounts (for example, HSAs or Health Savings Accounts). 
  • Go for health insurance for self-employed that permits tax deduction. It will provide your medical coverage and save you from high-income tax at the same time. To get this medical insurance coverage, you have to show that you don’t have any other health insurance coverage. Also, you must prove that your present income comes from your self-employed work. The higher the income, the higher the chance of getting this insurance. 
  • Go for a high-deductible health scheme 
  • Find out an (independent) insurance expert like ELP (Endorsed Local Providers) and get expert advice.

Best Health Insurance For Self-Employed Schemes For 2022

Best Health Insurance For Self Employed Schemes For 2022
Best Health Insurance For Self Employed Schemes For 2022

1. Blue Cross Blue Shield

This self-employed health insurance comprises four policy types and is available in 50 states. It has a network of more than 1.7 million providers. You can get its quote from HealthCare Marketplace. 

This company has a history of nationwide availability and consumer gratification. 

The upsides of this health insurance for self-employed are that it is a strong company with a great reputation, has a large provider network, and is data-driven for improving quality as well as affordability. 

The downsides of this health insurance for self-employed are that the client review in a few states is not good, and the company’s member experience also varies with region. 

2. United Healthcare 

This self-employed health insurance comprises four policy types and is available in 50 states. It has a network of 1,300,000 providers. You can get its quote from HealthCare Marketplace. 

This company is available in every state. 

The upsides of this health insurance for self-employed are that it has a large network of insurance providers and gives a free quote to the customers online. 

The downsides of this health insurance for self-employees are that it has a history of discrimination against mental health. It has been charged with abusing patients and saving money. Also, it depends on poor customer satisfaction scores. 

3. Kaiser Permanente

This self-employed health insurance comprises 3 policy types and is available in 8 states. It has a network of more than 23000 doctors. You can get its quote from HealthCare Marketplace. 

This company gives notable emphasis on prophylactic care. 

The upsides of this health insurance for self-employed are its emphasis on preventive care as well as overall health. It also comprises HSA access and strong reviews of customers on their satisfaction.

Its network of insurance providers gives quotes to customers online. The downsides of this health insurance for the self-employed company are that it has a history of scrimping on behavioral healthcare. 

4. Cigna

This self-employed health insurance comprises 4 policy types and is available in 13 states. It has a network of more than 1500000 providers. You can get its quote from HealthCare Marketplace. 

This company gives you convenience by offering virtual care choices and delivery of your prescription at home. 

The upsides of this health insurance for self-employed are its solid reputation and expansive provider network. It also gives virtual services as well as prescription delivery. 

The downsides of this health insurance for the self-employed company are that it is not available in each state. Customer satisfaction with this company and its services is moderate.  

5. Molina Healthcare

This self-employed health insurance comprises policies whose types vary by state and is available in 19 states. You can get its quote from eHealth. This company gives notable emphasis on serving everyone who received government assistance. 

The upsides of this health insurance for self-employed are:

  • It’s affordable coverage.
  • Scheme transparency on the website.
  • A new program for improving healthcare access.

The downsides of this health insurance for the self-employed company are that it is unavailable in all states and has a history of regulatory conditions (like fines for not rectifying grievances). Also, its ratings are lower in terms of financial strength related. 

6. Oscar

This self-employed health insurance comprises 4 policy types and is available in 13 states. It has a network of more than 1500000 providers. You can get its quote from HealthCare Marketplace. 

This company gives you convenience by offering virtual care choices and delivery of your prescription at home. 

The upsides of this health insurance for self-employed are its solid reputation and expansive provider network. It also gives virtual services as well as prescription delivery. 

The downsides of this health insurance for the self-employed company are that it is not available in each state. Customer satisfaction with this company and its services is moderate.  

Wrapping Up: 

So, if you are self-employed, choose any of the above policies mentioned above. 

And, you will not have to take any tension for your health coverage. 

Frequently Asked Questions (FAQs) about self-employed health insurance

Q. Can I write off my health insurance if I am self-employed?

Answer: Yes, self-employed individuals can write off their health insurance. These insurances come privileged with tax benefits. Due to these attractive insurances, self-employed people can save on taxes from them. 

Q. What is self-employed health insurance?

Answer: Self-employed health insurance is insurance that provides medical coverage to self-employed people. These people can choose appropriate plans of health insurance according to their needs. 

Q. How much amount is the self-employed health insurance deduction?

Answer: Qualified self-employed people are allowed for a 100 percent deduction on health insurance premiums for themselves and their families.

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Michael Thompson
Michael Thompson
Michael Thompson is a highly experienced health insurance agent with over 10 years in the industry. He specializes in helping individuals and families find the best insurance solutions to protect their health, finances, and assets. His commitment to excellence and attention to detail have earned him a reputation as one of the leading insurance agents in the region.

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