When you work for yourself, you like having the freedom of being your own boss, but getting health insurance when self employed can be like getting lost in a maze. Without the option of employer-sponsored plans, securing affordable health insurance as a self-employed worker requires careful consideration. Here’s a comprehensive guide to help you find the right health insurance for your needs.
1. Assess Your Healthcare Needs and Budget
To find cheap health insurance, the first thing you need to do is figure out what kind of care you need. Ask yourself the following questions:
- How often do you visit a doctor?
- Do you need prescription medications regularly?
- Are you expecting major medical expenses in the coming year?
If you’re generally healthy and don’t need frequent doctor visits, you might want to consider a higher-deductible plan with lower monthly premiums. However, if you anticipate medical issues, you may want a plan with more comprehensive coverage, even if it costs more.
Once you have a clear picture of your healthcare needs, set a budget for what you’re willing to pay each month for insurance premiums. Keep in mind that premiums are only one part of the cost. Consider the deductibles, co-pays, and out-of-pocket maximums to get a complete understanding of your total health insurance cost.
2. Explore the Health Insurance Marketplace
The Affordable Care Act made the Health Insurance Marketplace. It is one of the best places for self-employed people to find cheap insurance. There are different plans available in the marketplace, and based on your income, you may be able to get tax credits or subsidies that lower your monthly premium.
You can shop for insurance through the marketplace when it’s open registration time if you are a 1099 contractor or a freelancer. Plans like these are usually broken down into metal groups, like Bronze, Silver, Gold, and Platinum. Each group has a different amount of coverage and a different premium. Most of the time, bronze plans have lower premiums but higher deductibles. Platinum plans, on the other hand, cost more upfront but offer better benefits and smaller deductibles.
3. Look Into Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) are a great option for the self-employed looking to save on insurance. With a high-deductible health plan (HDHP), these accounts let you save money for medical costs without having to pay taxes on it. If you’re generally healthy and don’t expect to have many healthcare needs, an HDHP with an HSA could be an affordable option.
One of the biggest advantages of HSAs is that the money you contribute rolls over year after year. Additionally, you can use the funds for a wide variety of health-related expenses, including doctor visits, prescriptions, and even certain dental and vision care.
4. Explore Private Health Insurance Options
While the Health Insurance Marketplace offers great options, it’s not the only place to look. You can also explore private insurance plans. Some private insurers offer specialized plans for the self-employed, and these might give you more flexibility in terms of coverage and premiums.
When choosing a private insurer, compare plans from several companies to ensure you’re getting the best coverage for the price. While private insurance plans can sometimes be more expensive than marketplace plans, they may offer more tailored options that suit your needs.
5. What Is Surest Insurance?
If you’re self-employed, you might have come across Surest Insurance. But what is Surest insurance, and could it be right for you?
Surest insurance is a newer model designed to simplify healthcare coverage. Unlike traditional insurance plans, Surest focuses on providing price transparency and predictable costs for healthcare services. It offers plans that allow you to see upfront what you’ll pay for a doctor’s visit, surgery, or prescription, which helps avoid unexpected medical bills.
For the self-employed, Surest could be a great option because of its focus on clear pricing and streamlined service. While it may not be available everywhere, it’s worth checking to see if it offers coverage in your area.
6. Consider Group Health Plans
If you belong to a professional association or trade group, check to see if they offer group health insurance. These plans typically offer better rates because they pool together multiple members to negotiate better premiums. Joining an association or group that offers health coverage could be a cost-effective way to secure insurance.
7. Don’t Forget Tax Deductions
As a self-employed person, one of the benefits is that you can deduct the cost of your health insurance payments from your pay. This deduction applies to health insurance premiums for you, your spouse, and any dependents. Taking advantage of this tax deduction can lower your taxable income and help make health insurance more affordable.
8. Review Your Coverage Every Year
Health insurance isn’t a one-and-done decision. You should check your coverage once a year to make sure it still meets your wants and stays within your budget. If your income or health status changes, you may qualify for different plans or subsidies. Don’t assume that your current plan is the best choice—annual reviews can ensure you’re always getting the most affordable and comprehensive coverage.
Conclusion
It doesn’t have to be hard to find cheap health insurance when you’re self-employed. You can get a plan that works for you if you know what kind of health care you need, look into your options, and use resources like grants, health savings accounts (HSAs), and group plans. Compare different Surest insurance or marketplace plans to find the best one for you. Choose the plan that gives you the needed coverage at a price you can afford.