If your self-employed or own a business, you probably already know obtaining health insurance can be difficult.
When you’re looking at self-employed insurance plans, how do you know which option would be best for you and your business?
No worries, we’re going to walk you through it and help you find the right healthcare for you!
1. What Type Of Health Insurance Do You Need If You’re Self-Employed?
Whether you are running your own business or if you have a freelancing gig, you are the boss of everything, including your insurance. So finding the best insurance for yourself is crucial for your health, but it can be overwhelming.
When trying to figure out how to get health insurance, you can break it down by two different options; Short term and long term.
Short Term Insurance
You want to look for short term insurance plans when you’ve started freelance work, but only as a temporary supplement. You plan on going back to working a full-time job as soon as possible and will look at other insurance options later.
These types of insurance generally start the next day.
Long Term Insurance
This is the type of plan you want to look at when you are full-time self-employed and don’t plan on working for someone else anytime soon. You run your own business and need health insurance.
Long term insurance plans typically start on the 1st of every month.
Life can be unpredictable so making sure you have the right insurance is essential, just in case something were to happen. Now that you have an idea of whether you need short or long term insurance, let’s take a look at plans.
2. Self-Employed Insurance Plans
We’ve broken these plans down into the two different options, long term, and short term, so you can best decide which would be a good choice for you.
Short Term Plans
Cobra: This plan lets you temporarily keep the same employer health plan you had before at your old job – this usually will last for up to 18 months. The idea behind this will help you avoid having any gaps in health insurance in case you were to get fired.
Short Term Insurance: With this type of plan, you are able to find a short term policy that usually lasts up to three months. You can sign up for this plan outside of enrollment periods and sometimes have low monthly premiums.
Long Term Plans
Private Insurance: This is the type of plan that has good coverage at an affordable rate. Typically with plenty of benefits and can cover family members too.
Insurance Marketplace: This is government health insurance that typically will qualify you for Medicaid, tax credits, and lower health insurance.
3. Other Considerations
Before you decide on what type of insurance you need and the plan you want to go with, you should also take these into consideration
- Short term plans start the next day
- Long term starts on the 1st of the month
- Special enrollment periods allow you to find a plan outside of the marketplace
- Review and understand the plan
- Look at your deductibles as self-employed
- Look at health and wellness programs associated with the insurance company
Find Your Insurance
Your health is vital to the success of your business, now it’s time to look at self-employed insurance plans and choose the right one for you!
Check out our website to get some additional insight into the insurance options we offer and contact us to get the information you need.