How Do You Get Health Insurance If You’re Self-Employed?

Self-employed health insurance is something millions are searching for. This is an essential part of your life because as you know, you never know when you’ll need it most. Being self-employed can be exciting but also very scary. You are your own boss and starting a whole new chapter in life. Sometimes, it’ll go great and have all the luck in the world; and then, there will be times where it all goes wrong. It is part of the experience but health insurance becomes trickier when you’re self-employed. So, how can you obtain health insurance when you’re your own boss?

Consider COBRA

Who was your previous employer and did you have a group health insurance plan with them? If so, you might be in luck. COBRA allows former employees to remain a part of that employer-based plan. However, this is a temporary measure and doesn’t usually last longer than eighteen months. The only catch is that you must keep paying the monthly premiums to continue the coverage as the employer won’t continue with your share of the insurance costs. This is actually useful if you plan to be self-employed for a short period or until you find another insurance policy. You could even buy health insurance online, as long as it’s suitable. 

Seek a Private Insurance Plan

This might be a better option for those who are going to be permanently self-employed. Private health insurance can be a viable self-employed health insurance option to consider. These policies are usually able to offer better coverage for its users and with more affordable rates too. Searching for insurance takes time and you should look at a wide variety of private insurance carriers and providers. Once you do, look at their plans and find the best. Of course, it takes time but the right policy or plan can be found with a bit of determination and patience. 

Plan Ahead With a Low Premium, Higher Deductible Plan

Whether you buy health insurance online or otherwise, costs can be high, especially for those self-employed. Fortunately, there are ways to avoid expensive insurance premiums. One such way would be to opt for a higher deductible, as this usually lowers monthly costs. This can be a great way to save each month. However, if you do need to make a claim, the deductible will be high and that’s something you need to be prepared for. So, if that’s what you’re going to do, it’s best to put aside the deductible costs (if you can) so if something happens, you’re able to cover those fees. These plans don’t work for everyone but it’s something to consider.Read more

Find Affordable Self-Employed Health Insurance

Being self-employed can be overwhelming. There are lots of responsibilities and worries and that’s before you stress about finances and everything else. Insurance adds more pressure but don’t be tempted to walk away from it. You need insurance no matter what industry you’re going into. It’s vital to get an insurance plan that works for your requirements. There are more insurance options available and you could even buy health insurance online, so explore all avenues available.