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Saturday, September 23, 2023

How to Get Health Insurance as a Self-Employed Freelancer


A self-employed person, independent contractor, or freelance worker is an individual who doesn’t have their own business entity, and they don’t work for any specific company. This line of work has multiple benefits, including an improved work-life balance and increased flexibility. However, these individuals must also manage every aspect of their work on their own.

For many, healthcare coverage is an important topic. That’s because most companies don’t provide coverage for these workers. Getting private health insurance can be challenging for these individuals, but it isn’t impossible. Keep reading to learn more.

Cost Considerations for Health Insurance for Freelancers

While it would be nice to give a set number to answer this question, each person’s health rate will vary. Before you start thinking about the cost of this coverage, there is something to think about. The average cost of the lowest tier premium coverage is $328 per month on the marketplace. Along with the marketplace plans, there are other options to consider too. Just like any other insurance coverage, you should shop around.

Working as a Freelancer in the U.S.

Quite a few people work as freelancers today. In fact, it’s estimated that more than 10 million people do this. In fact, these individuals have identified themselves as being independent contractors, and the numbers are growing.

A huge challenge for these individuals is finding affordable insurance coverage. The good news is, there are more than a few options to choose from, and if you conduct a little research, you can find a quality plan to help protect your health and ensure you get medical care when it is needed.

It is possible to find health insurance through multiple sources as a freelancer. Some of the top options are found below.

Marketplace Coverage

Today, you can purchase affordable health insurance coverage through the Healthcare Marketplace. This is true for individuals and small businesses. Open enrollment lasts each year between November and December. If you happen to miss this enrollment period, you can see if you qualify for a special enrollment period. Some circumstances and life changes, like having a child, the loss of coverage from your job, and getting married, will make this possible. During this time, you can also figure out if you are qualified to receive Medicaid coverage.

Your Partner’s or Spouse’s Plan

If you have a spouse or partner who receives coverage through their job, you may have the option to join their plan. This is because employer-based plans can help you save money since they charge lower premiums. This is because employers typically pay into this plan too.

Even in cases where you are not legally married, it may be possible to qualify as a domestic partner if you live together and share a home. This is the case if you are not legally married to another person.

COBRA Coverage

Have you recently left or are planning to leave your full-time job and venture out alone as a freelancer or self-employed individual? If so, you will find that most health insurance coverage and plans will give you the option to take your current group plan and convert it into your own individual plan. You can speak to your plan provider to see if you are eligible for this COBRA coverage.

There is no question that acquiring health insurance as a freelancer or self-employed individual can be somewhat challenging. While this is true, you do have options. Knowing the available options is the best way to ensure you get the coverage you need. Being informed is the best way to know the insurance options you have. 

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