How to Choose a Self-employed Health Insurance

Health is one of the most important things in a person’s life. Losing it is most terrifying. When you are self-employed, you have tons of responsibilities, and you might have forgotten about taking care of yourself. Well, no more, because with a little bit of help, you will pick the perfect health insurance and take a step towards a healthy future. Here is what you need to know.

Obtaining health insurance as an entrepreneur or freelancer might be tricky. The offers of individual health insurance coverage tend to have less range of possibilities. You want to be ready for anything that may come your way, especially if your work requires you to travel often. You are your boss, and you should also be the boss of your health plan. Fortunately, there are options to satisfy your needs. To make things easy for you, in this article will show options for both long and short-term, as not all people want to stay permanently self-employed.

 

Short-term health insurance options

Perfect plans if you are not yet sure that you will stay self-employed for years or when you are in the middle of changing career paths, and you want to stay afloat with freelance hustle.

The first plan you should consider is called COBRA. It is for people who recently stopped doing their regular job. Cobra health insurance enables you to keep your previous insurance for up to 18 months. But it will cost you more than what you paid once employed for the premium upgrade.

Another option is to choose a short-term insurance plan. It is a good option for those who need insurance for up to three months. You can sign outside of the traditional enrollment period, and your monthly premium should be inexpensive. Unfortunately, this type of insurance won’t cover any of the pre-existing conditions you may have.

You can also go for industry-specific insurance. It would be best if you looked out for industry unions that offer a discount on health insurance. Just be careful and always read the terms of your plan before you sign it to avoid paying more than you can get in the Health Insurance Marketplace.

 

Long-term health insurance options

Now, let’s move on to health insurance options for those who want to stay independent with their employment for years.

First, the government option available on the market, so the Health Insurance Marketplace. You can find out if you qualify for Medicaid, lower health insurance premiums or tax credits. You might also want to sign up your children for the Children’s Health Insurance Program, CHIP if you qualify for assistance.

There are also plans explicitly designed for self-employed people within Private Health Insurance offer. This type of insurance should be affordable and offer a wide range of benefits for you and your kids. To find the best deal, talk to an independent insurance agent.

Last, but not least, is the option called Health Care Sharing Ministries. Technically it is not health insurance. It is a group of people who belong in an organisation and pool their money together. So, you would pay for major health expenses with the cash from the fund. However, the restrictions here are limitations to what the ministry agrees to pay for.

 

Self-employment health insurance hacks

Now that you know your options, you can gain some more knowledge about shopping for health insurance. So, what more can you do?

If you don’t have time or don’t want to find health insurance by yourself, you can turn your attention to agencies that might help you or do it for you. Take some pressure off your shoulders and ask for professional help in finding the best deal possible. You can start with a membership in the Association for the Self-Employed.

You should also remember about the tax deduction. There is nothing worse than spending too much money. If you play it right, you can deduct all your health insurance premiums, but this deduction doesn’t work for small businesses.

Another thing you should consider, look for the plans that offer high deductible, so lower monthly premiums. And when you have it, this is when Health Savings Account can make a difference.

Finally, don’t be afraid to admit that you don’t know everything when it comes to health insurance. Look for professional advice from independent insurance agents. You can find them, for example, in Endorsed Local Providers programs.

Health insurance is an absolute must-have. It gives you a sense of security and enables you to focus solely on your work. And your health is essential for your business, or freelance work to be successful. Track down the most suitable health insurance offer out there, and be the boss of your well-being as well as your career. Do what you can to stay safe and healthy.

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