How to Navigate Health Insurance as a Freelancer or Self-Employed Individual
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Introduction
I’m self-employed, and I’ve spent a lot of time trying to understand the health insurance landscape. As a freelancer or self-employed individual, you have more options than most when it comes to finding coverage—but they’re not always easy to navigate. In this blog post, I’ll outline those options and explain how they work so that you can make an informed decision about your own health insurance needs:
Self-employed workers have a number of options when it comes to finding health insurance.
You can buy directly from an insurance company, get coverage through a group or association and/or spouse’s employer, or purchase your own plan through the marketplace. You may also be able to find an independent broker who can help you navigate all of these options and find one that best suits your needs and budget.
The Affordable Care Act, or Obamacare, changed how the individual market works.
Under it, insurers are required to accept all applicants regardless of their health status and must charge them based on age rather than pre-existing conditions. This means you can apply for coverage without any underwriting questions about your medical history–a big change from previous years when you had to disclose everything from broken bones to cancer treatments before getting a quote.
The ACA also provides subsidies for low-income individuals who purchase plans on their own through Healthcare.gov or one of its state exchanges (or “marketplaces”). These subsidies are based on income level: Those earning less than 400% FPL ($48k/year) qualify for tax credits; those earning less than 250% FPL ($28k/year) may receive cost-sharing reductions averaging $3K per year depending upon which metal tier they enroll in (more on this later).
You may be eligible for government subsidies if you make less than $48,560 per year.
If you make less than $48,560 per year, you may be eligible for government subsidies. To find out if this is true, use our calculator below:
A tax credit may be available in certain states if you make more than 400 percent of the federal poverty level.
You must meet all other requirements for this type of plan to be eligible for a premium subsidy on your health insurance.
A tax credit is not available in all states. If you do not qualify for Medicaid or an employer-sponsored health insurance plan and live in one of the following states: Alaska, Alabama, Arizona (effective Jan 1st 2020), Arkansas (effective Jan 1st 2020), Colorado (effective Jan 1st 2020), Delaware (effective Jan 1st 2020), Florida (effective Jan 1st 2020), Georgia (effective Jan 1st 2020), Idaho (effective Jan 1st 2020), Illinois (effective Jan 1st 2020), Indiana(effective July 2021), Iowa( effective July 2021) Louisiana( effective July 2021) Maine(( effective January 2022) Michigan ((Effective January 2022)) Mississippi(( Effective January 2022)) Montana(( Effective January 2022)) Nebraska(( Effective January 2022)) Nevada((Effective January 2022)) New Hampshire ((Effective January 2022)), North Carolina ((Effective January 2022)), North Dakota ((Effective January 2023)), Ohio ((Effective July 2023)), Oklahoma ((Effective July 2023)), Oregon ((Effective October 2024)) South Carolina(( Effective October 2024) Tennessee)( Effective October 2024).
You can see how much your premium would be with our calculator below.
If you’re a freelancer or self-employed individual, our calculator will help you estimate how much your premium would be. The results are based on data from the US Census Bureau and do not guarantee eligibility for coverage. They also do not take into account any subsidies that may be available to you through the marketplace (if applicable).
We recommend checking out this article if you want more information about how health insurance works as a freelancer or self-employed individual: https://www.healthcare.gov/how-to-navigate-health-insurance/.
Health insurance is one of the biggest challenges for freelancers and self-employed individuals, but there are ways to get coverage that work for you
Health insurance is one of the biggest challenges for freelancers and self-employed individuals. It can be difficult to find affordable coverage, but there are ways to get it.
There are two main types of health insurance: group plans and individual policies. Group plans are provided by employers, whereas individual policies are purchased by individuals (or families) directly from an insurance company. The differences between these options mean that they’re not always interchangeable when it comes to coverage or cost…
Conclusion
We hope this guide has given you a good overview of the different types of health insurance available to freelancers and self-employed individuals. It’s important that you understand what options are available to you and how each one works before making a decision about your coverage. If there are other questions we didn’t cover here or on our website, please reach out! We’re always happy to help our readers find the best plans for their needs