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Being self employed has a ton of perks, but unfortunately, health insurance isn’t one of them. If you’re your own boss, you’ve likely come to the realization that you need to sort out how to get self employed health insurance.
Luckily, we’ve got your answers here. Keep reading to find out everything you need to know about self employed health insurance, so you can continue working for yourself without worrying about your health.
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When you work for a company, you’re generally entitled to opt into the company’s health insurance plan. This means that your employer has procured a group health insurance plan for employees and pays a portion of the premiums to help keep costs down for employees.
But when you’re self employed, you don’t have a group health insurance plan to join. That means you need to find your own health insurance and pay all of the premiums yourself, for you and your dependents (if any).
If you’re tempted to forego health insurance, think again: the average hospital visit in the US costs $2,600 per day, with overnight visits totalling as much as $9,300 for the uninsured. And if that’s not enough to convince you of the need for self employed health insurance, consider this: 60% of all bankruptcies are related to medical expenses.
It’s clear that everyone should have health insurance, but how do freelancers get health insurance? It’s easier than you might think.
Your first step for self employed health insurance should be to check the health insurance marketplace. Thanks to the Affordable Care Act (ACA), you can browse different insurance plans in your region and find one that fits your budget/needs. Within the marketplace, you can rest assured that all plans cover 100% of preventive care and coverage can’t be denied due to a pre-existing condition.
You can also reach out to an insurance agent to help guide you through your options. An independent insurance agent will be your best bet, because they won’t push a particular company’s plan on you.
Health insurance can be expensive, but that doesn’t mean you’ll need to pay more than you’re comfortable with. There are plenty of plans available depending on your requirements and budget, especially if you compare multiple quotes and research your options.
You can expect to pay anywhere from $200-$500 per month for health insurance, although this can vary widely depending on where you live, your dependents, your health, the plan you choose, and your income.
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At the end of the day, the best health insurance for the self employed depends on each person. You want to make sure your coverage fits your healthcare needs and makes sense for your budget, and you certainly don’t want to forego coverage (even if you’re healthy). Never accept the first quote you get for health insurance; make sure to compare multiple quotes/coverage to ensure you’re getting the best option available to you and don’t be afraid to update your plan as your needs change.
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Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.