Did you know that 30% of the US workforce are self-employed or are hired by someone self-employed?
Being self-employed has a ton of benefits, so it’s easy to understand why so many would go this route. When you’re self-employed, you have more flexible work hours, the potential to earn more money, and you get to be your own boss.
With all of the benefit that comes from being self-employment, there are some things you have to keep in mind, like what your health insurance coverage options are.
Keep reading to find out your options and how you can attain a health insurance coverage policy.
If you were recently let go or will be self-employed for a short time, you may be eligible for COBRA insurance. COBRA allows you to stay on your previous employer’s health insurance for up to 18 months. This will give you time to either find a new job with coverage or figure out other options for insurance.
You may also be able to sign up for short-term health insurance through a private insurance company. This kind of short-term policy is good for one to six months. Ensure you read the fine print, as they may have high out-of-pocket costs and may not cover certain preexisting conditions.
If you’re moving into self-employment permanently, there are some options for health insurance that you can look into. You should also know that health insurance for self-employed workers is 100% tax-deductible. Take this into account when working on your business’s financial plan.
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The first place you should look is healthcare.gov to see if you qualify for the ACA (Affordable Care Act). When you’re applying, you can find out what kind of tax credits you’re eligible for and qualify for lower insurance premiums.
Certain private insurance companies offer plans to self-employed people. This option is excellent if you have specific health insurance needs or have children who also need to be covered by your plan.
When you’re doing your financial planning for the year, make sure you take insurance costs into account. You don’t want to be without sufficient coverage in an emergency.
As a freelancer, someone who is self-employed, or if you don’t have a job right now, you can also get insurance by joining an organization with a group plan. Joining a group like this would be similar to getting insurance through a job. You all share the costs of insurance, which can make it more affordable.
We all hope for healthy living, but ensuring you have access to good healthcare coverage when you’re self-employed is essential. You don’t want to be caught without it in an emergency.
If you’re looking for more unique business ideas and content, read our blog! There’s a ton of great information there that can help you get ahead.
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