Being self-employed has many advantages, but in some cases it means you have lost your company-provided health insurance. While it is no longer mandatory to have health insurance, you should still consider having some health insurance coverage as a self-employed person.
Even if you are a very healthy person, you should want to be covered in case of an accident. Out of pocket expenses for an accident or sudden illness could be high.
Where to Find Self-Employed Health Insurance
There are a few ways to get health insurance as a self-employed person. Each has its pros and cons.
One popular option is the Marketplace , which was created through the Affordable Care Act. Anyone who has lost their health insurance can use the Marketplace to find health insurance. You will need to fill out an application and be approved. Documentation may need to be provided for acceptance.
If you are married or have a partner, you might be able to join their insurance plan. The only drawback to this is that you may need to wait until the open enrollment period. Either the insurance plan or the employer can tell you when you can apply. One financial benefit to this option is that in many plans the deductible amount may be a family deductible meaning that both your expenses would be counted towards the deductible. Although, in some plans each participant would be responsible for an individual deductible.
Another option is to see if your professional association offers health insurance. Many professional associations offer this as a benefit to their members and sometimes at a lower cost than the Marketplace.
How to Pick Your Health Insurance Plan
There are several things to consider when picking a health insurance plan.
First, you need to decide who you are covering on this health insurance policy. Will a family member need to be included, or will it just be you? Adding additional people will raise the cost, but they may have needs that would need to be considered.
If you have health issues, you may want to give additional consideration to the deductible amount. A lower deductible may be advisable if you have any health issues, as this is the amount you will be required to pay before your insurance begins covering medical expenses. However, generally the lower the deductible the higher the cost of the plan. You might be able to save on your monthly cost by having a higher deductible. You should also check the plan to see if there are any preexisting health limitations.
Make sure your doctor is on your plan. Seeing an out-of-network provider is going to cost more than seeing an in-network doctor. If you don’t have a doctor currently, you can pick any plan but be sure to use in-network doctors to avoid higher costs.
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This information is being provided for general educational purposes. You should contact a qualified, licensed health insurance professional to determine whether and which health insurance coverage may be appropriate for you.
