The importance of health insurance to every citizen of the United States cannot be overemphasized. “Health is wealth.’ That is why there are a lot of free and affordable health insurance plans today.
Now, most insurance plans are given as an incentive for working with big companies or the government. For example, the COBRA insurance health care is only available for employers with 20 employees or more. So, what happens to the people that work on their own? What happens to the self-employed?
There are two categories of self-employed people. One has employees, while the other doesn’t. Getting cobra health insurance is relatively easy if you meet their standards.
Below are some health insurance plans for self-employed individuals and what they entail.
COBRA health insurance plan
COBRA health insurance covers you if you were employed by an organization or company for a short while. No matter the number of days you worked for the organization, you are covered.
What COBRA does is that it lets you keep the health insurance plan of your former work for a while. During this period, you’re expected to search for new health insurance plans.
Industry-specific health insurance
Some industries have a union that provides health insurance for their members. Most times the prices are subsidized to accommodate their union members.
However, the amount you’ll be asked to pay might still be higher than individual health insurance at the health insurance marketplace. In such cases, choose the latter.
Health insurance marketplace
The government health insurance marketplace is the best place to find affordable health insurance. Still, before choosing anyone, make sure to read their terms and conditions.
Do not jump into a plan because it is cheap with extensive coverage. Rather, understand the terms first and make sure the tax rates on it aren’t high. Read more!
Private health insurance plans
The cost of private health insurance plans usually discourages people from getting health insurance plans from private companies. Most of them provide coverage for self-employed individuals.
They may have mouth-watering coverage deals but still be careful before agreeing to anything. Better still, seek help from independent health insurance agents to choose the best plan for you.
Tips for finding health insurance plans for the self-employed
It is not easy finding a good health insurance plan. Some insurance plans look like a sweet deal but will just rope you into more debt at the end. Well, here are tips that will enable you to make the best decision.
- As I mentioned earlier, consider using independent health insurance agents to assist you. Trust me, they are better equipped to understand every aspect of the deal.
- Be aware of the health insurance tax deduction for the self-employed. This reduces costs for you to a large extent.
- Choose a high-deductible health insurance plan. High deductibles mean lower costs.
Being a boss can be scary at first but you would get around it with time. Finding a health insurance plan even makes it harder but the tips above will help you. For more details read our article: https://www.washingtongenderalliance.org/how-do-you-get-health-insurance-if-youre-self-employed