Health Coverage Options for the Self-Employed

Self-employed man, sitting at his desk working, smiles as he speaks on his cell phone and takes notes.

Photo by Vadim Pastuh on Adobe Stock.

When adults enter the workforce, there are a few things they look forward to. The main one is a job that provides full benefits and comprehensive health coverage from their employer. However, what happens when you are not working for anyone else?

Continue reading to explore the various health coverage options available for freelancers, entrepreneurs, and self-employed individuals.

Understand Your Needs

First, you want to evaluate your and your family’s health needs. For example, if you have children or a spouse with any health conditions requiring specific prescription medications or frequent doctor visits, you would need to determine which essential benefits are most critical. Similarly, if you desire to start family planning, you would want to guarantee whatever coverage you choose has maternity care.

Finding Your Coverage

Once you determine your family’s needs, it is time to shop for your coverage. Different plan options exist for you to purchase, whether public or private. The choice depends on your financial situation and the coverage options you need.

Health Insurance Marketplaces

Health insurance marketplaces, arranged by the Affordable Care Act, offer a centralized platform for self-employed individuals to compare and shop for health insurance plans. These marketplaces offer different plan levels: Bronze, Silver, Gold, and Platinum. They each come with a different cost and coverage structure.

The most important part of marketplace health insurance is the income-based subsidies available to help offset the cost of the premiums. This feature allows those higher-tier plans to be more accessible and affordable, which can be important for self-employed individuals who may have to put money back into their businesses. Open enrollment gives you access to the greatest number of plan options, so you must be aware and act during this period. Other than that, you can receive special enrollment periods for qualifying life events like marriage, moving, or loss of previous coverage.

Private Health Insurance

Private health insurance, on the other hand, is purchased directly from insurance companies. It also offers self-employed individuals a range of plan options tailored to their specific needs. There is somewhat of a trade-off that happens with private health insurance plans. They can be more expensive because you no longer have the subsidies from the marketplace, but they offer more flexibility and a wide network of providers.

It is incredibly important to take your time to compare coverage details, premiums, and the network of doctors and hospitals that are allowed within the plan to find the best plan. Working with an insurance agent can help you sift through the various options available. Unlike marketplace insurance, private insurance does allow you to enroll in a plan at any time of the year, so there are no barriers to getting health coverage. This flexibility allows you, a business owner, to worry more about your business instead of watching enrollment period deadlines.

In Conclusion

Whether you want to do marketplace or private health insurance, the point is that you do seek out the right coverage for you. As a self-employed individual, you know all about juggling multiple things at onceDon’t let your healthcare be another thing you have to balance. Instead, speak with an insurance agent to walk through your options so you can go and focus on your journey to success.

Have Health Insurance Questions?

We hope that this information on health coverage for self-employed professionals is helpful to you.

Insurance is oftentimes overwhelming and we want to shed light on the industry by answering your questions. Comment below and your question may be the topic of our next post!

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Empower Brokerage wants to help you find the insurance coverage you need and help you save money getting it.  Stay on top of your health and give us a call at (844) 410-1320.

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About Kayla Gonzalez

Kayla is a graduate of Texas A&M University and joined the Empower Brokerage marketing team in early 2021. She creates content for the company websites and assists with various marketing campaigns. LinkedIn Profile

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