Are you self-employed? Do you work by contract, or are you freelancing? If so, did you know that you can still get an individual health insurance plan in your state? What are your options in the world of health care? Below, we go in-depth into how to get health insurance if you are self-employed.
Being self-employed could mean anything from owning your own business to working a steady freelance gig. Whatever the deal, you’re walking the tightrope of being your boss and being in charge of everything, including your health insurance! So, let’s talk about the options if you plan on doing the self-employed gig for a short time or if you know it’s something in your long-term plans.
Health Insurance Options
Health Insurance Marketplace
Your first stop may be the government’s Health Insurance Marketplace. You can find out if you qualify for Medicaid, tax credits, or lower health insurance premiums. And it’s also where you can sign up your kids into the Children’s Health Insurance Program (CHIP) if you qualify for assistance.
Private Health Insurance
Some insurance providers have plans aimed at self-employed individuals who need health care with good coverage at an affordable rate. You may need a plan that offers up a wide range of benefits ranging from access to in-network providers and hospitals to annual checkups and preventative care at no extra cost. Speak to an independent health insurance broker who can help you find the best plan for the best price!
Health Care Sharing Ministries
A health care sharing ministry is not technically health insurance. It is a group that belongs to an organization and pools its money into a fund. They use this fund to pay for high health care costs for the members of the group. It may be a good option if you’re healthy with no dependents. However, there are downsides. There are restrictions on what the ministry might agree to pay for.
Self-Employed Health Insurance Tips
As someone self-employed, you may not have access to the answers or resources you need to choose the right plan. Below are some tips to help you get started.
Get Expert Advice From an Independent Insurance Broker
An independent insurance broker is an expert to turn to for answers about individual health insurance plans. You can find local brokers who can walk you through your health care options and track down the best health insurance quotes.
The Self-Employed Health Insurance Tax Deduction
It’s essential to know how to make your money work harder when you’re buying health insurance. You can do that with the health insurance tax deduction for the self-employed.
If you qualify for this deduction, it means you’re allowed to deduct 100% of your health insurance premiums from your adjusted gross income every year. This is a deduction for self-employed individuals and their dependents—not for small businesses.
High Deductible Health Insurance Plan
If your health insurance plan has a high deductible, that means lower monthly premiums. This type of plan is great for self-employed individuals and families because it reduces your monthly expenses. Make sure you can pay the higher deductible when you need to.
Consider an HSA
An HSA is tax-advantaged savings account linked to a high deductible health plan (HDHP). It’s a savings account for you and your dependents to pay for qualifying medical expenses. The interest you earn in your HSA is tax-deferred, and the withdrawals you make to pay for medical expenses are tax-free too.
Contact Insurance Enterprise for Group Health Insurance
If you have questions about group health insurance and need health insurance quotes, contact Insurance Enterprise at 786-254-0371. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.