Health Insurance Options: When You’re Self-Employed

Updated: November 9, 2022
Health Insurance Options When You're Self-Employed
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Being your boss is thrilling! You’ve got control and are doing work you truly enjoy. But what about employed health insurance options? The majority of people get their insurance from their employer. But if you’re the employer, what choices do you have?

Self-Employed Health Insurance

Individual (or private) health care coverage on the government’s insurance marketplace is what self-employed individuals buy for themselves (and their families). Self-employed refers to someone who is self-employed and has earnings from a business. 

Health Insurance Options for Self-Employed People

Marketplace for health insurance

If you’re permanently self-employed, you should check out the government’s health insurance marketplace. If you qualify for Medicaid, you can find out if you qualify for tax credits or lower health insurance premiums through the marketplace. You can also enroll your children in the Children’s Health Insurance Program (CHIP) if you qualify.

Private Health Insurance

You can find affordable health insurance for self-starters like you who need coverage for their health care and are self-employed. You’re likely looking for a plan that provides you and your family with a wide range of benefits at no extra cost (from access to in-network providers and hospitals to annual checkups and preventative care). Speak to an independent insurance agent who can help you find the best plan at the best price!

Ministry of Health Sharing

Perhaps you have heard of something called a health care sharing ministry. Understand that these aren’t technically “health insurance.” They’re more like a collection of people who belong to an organization, like a church or ministry, that pool their money together. The fund pays for major health care costs for group members.

If you’re healthy with no dependents, this might seem like a good option, but there are downsides. The ministry may only pay for certain expenses. Moreover, ministries are not governed by the Affordable Care Act, which means they are not required to cover pre-existing conditions.

How Much Does Health Insurance Cost for the Self-Employed?

You want comprehensive coverage but don’t want to pay an arm and a leg for it. Let’s look at how much health insurance might cost you if you’re self-employed.

The cost of health insurance is determined by various criteria, including who you need to cover (spouse, children?), the degree of protection you require, whether you smoke, your age, where you reside, and more. However, if you buy a health insurance policy through the marketplace, you might pay a monthly amount of $438. The average household pays around $1,779 each month. However, if you meet the requirements for tax credits, you could potentially save money.

Tips for Self-Employed Health Insurance Options

Okay, you’re also acting as your own Human Resources director because you’re self-employed! There’s no one to ask questions about your benefits. There’s no need to get nervous! If you’re looking for self-employed health insurance, there are a few things we can help with.

You Can Consider Some Agencies That Could Help

Many agencies, such as the National Association for the Self-Employed, could help you with some questions you might have. Also, the Small Business Administration is a great resource for advice on health insurance and other business-related topics. Here are some of the best health insurance companies for you to get an overall review.

Get Help from an Independent Insurance Agent

When you work with an independent insurance agent, they can help you navigate the various options and find a plan that meets your needs and budget. They also know about any special discounts or deals you might qualify for, so it’s worth consulting with them to get an idea of what types of coverage are available.

Find a High-Deductible Health Plan (HDHP)

An HDHP plan is perfect since it has extremely low premiums, reducing monthly expenses. Moreover, an HDHP plan often has a Health Savings Account (HSA) feature – a tax-advantaged savings account, allowing you to invest and grow money that you can specifically use for medical expenses. Looking for a long-term loan? this long-term health insurance tips may help you get one.

Conclusion

Self-employment is great as you get to be your boss. Reach out to New Health Insurance and find free quotes. Also read about affordable health insurance in Washington DC here.

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