This guide can help you find the right health insurance policy
Being self-employed can be pretty great. As your own boss, you get to make your own hours, decide who to hire (if anyone) and choose what snacks to have in the break room. And if you’re lucky, you may be able to work from home, which means not having to worry about things like commuting or wearing clothes.
But no job is perfect, of course, and there’s one big thing freelancers and sole proprietors have to think about: health insurance.
One of the main benefits of working for a company is that in most cases, you are provided with health insurance coverage. You’d sign up for the plan you wanted when you were hired and that would be that. But this becomes tricky when you don’t work for anybody.
If you’re new to this situation or have just put off having to deal with health insurance, you do have options:
If you recently left a company to strike out on your own (even if it wasn’t an amicable split) and this employer provided you with health insurance, you can keep your coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).
Often, you’ll be able to retain your policy for up to 18 months. However, because your employer won’t be paying a percentage, you will have to be prepared to shell out a pretty penny for this policy.
Does your spouse have insurance through his or her company? You should be able to be added to the policy. This will raise the premiums, but generally, this isn’t an exorbitant cost. However, if what your spouse is currently paying is already high, going this route may not be worth it.
Professional organizations and trade groups
We all know how expensive health insurance can be, but you may be able to get a substantial discount on your policy through a group rate. These are available through different organizations, including AARP, the Writers Guild of America, and the Freelancers Union.
The Affordable Care Act (a.k.a. Obamacare)
Clearly, there has been a lot of debate and discussion about the ACA since Obama left office, but it is still in effect. This is often the best choice for people with low incomes or those who may be denied coverage elsewhere because of a pre-existing condition.
Your own business
You may be able to get even better health insurance rates through the Small Business Health Options Program of the ACA if you have an official business. This means that you would need to hire at least one employee. And unlike individuals, businesses have the opportunity to enroll at any time during the year.
Depending upon the coverage you’re looking for, going with a private insurance company could be your best choice. You just have to be diligent about the insurers you look at. There are several that may offer cheap health insurance, but be wary; make sure to read the fine print about coverage, deductibles, and everything else before committing.
As a busy professional, you probably don’t have a lot of time to devote to thinking about health insurance. But the minute you need it, this is something you’ll regret. At Avante Insurance we can get you set up with a policy that will give you everything you require. We also offer other insurance solutions, including coverage for your car, home, and business.
For a free quote, you can fill out our online contact form or give us a call at 305-648-7070.