Are you self-employed? Picking the right health insurance is very essential for you to stay healthy and financially secure.
With so many health insurance providers for self-employed, companies, plans, rules, and prices consider, finding the best health insurance as a self-employed can be tricky.
This article helps you find the best and most reliable health plans for self-employed people. We’ll also guide you through choosing the plan that’s right for you.
What Is Self-Employed Health Insurance?
Being self-employed means you have a business and might not have employees. You can get health insurance in different ways.
One option is the Affordable Care Act (Obamacare) marketplace, which offers comprehensive coverage. You can use the Small Business Health Options Program (SHOP) Marketplace if you’re self-employed and looking for health insurance.
The ACA marketplace offers subsidies and tax credits to help reduce health insurance costs based on your household income and family size.
To get SHOP tax credits for health insurance for small businesses, you must have fewer than 25 full-time equivalent employees, the average employee salary must be about $56,000 per year or less, you pay at least 50% of your full-time employees’ premium costs, and you offer SHOP coverage to all full-timers.
When you’re self-employed, you can buy health coverage through the individual Health Insurance Marketplace.
This is a good option if you’re a freelancer, consultant, or independent contractor without employees.
Do Self-Employed People Need Health Insurance?
Imagine you’re the boss and don’t get health insurance. It might seem cheaper upfront, but what if you get sick or hurt? Big medical bills can wipe out your savings fast! Just like regular employees, being self-employed means health insurance protects you from financial trouble if something unexpected happens. It’s an investment in your future health and peace of mind.
Doctors say everyone needs health insurance, even if you’re feeling healthy now. Paying for medical bills yourself can be super expensive! Just one night in the hospital without insurance can cost over $10,000!
People without insurance often skip doctor visits or treatments because they worry about the cost. This can lead to bigger problems down the line. It’s like waiting for a small leak to turn into a flood! Health insurance helps you catch things early and stay healthy in the long run.
Best health insurance for self-employed in 2024
The best health insurance for the self-employed varies depending on your individual needs and circumstances. However, we recommend the following most popular health insurance providers for self-employed professionals along with some key details about each plan to help you get started with your comparison:
Cigna offers a variety of individual and family health insurance plans, including HMO, PPO, and POS plans. They have a wide network of doctors and hospitals, and their plans are generally considered to be affordable.
- Cigna has a broad network of providers, offering access to many doctors and hospitals.
- Cigna offers a range of plans to suit different needs and budgets, including individual and family plans, bronze, silver, gold, and platinum tiers.
- Cigna offers various wellness programs and resources to help members stay healthy and lower costs.
- Many Cigna plans offer telehealth appointments for convenient access to care.
- Financially stable company with a good reputation.
- Premiums can be high, especially for older individuals.
- Some plans have high deductibles and copays.
- Network availability and quality can vary by location.
UnitedHealthcare is one of the largest health insurance companies in the USA. They offer a wide variety of individual and family health insurance plans, including HMO, PPO, and POS plans. Their plans are generally considered to be affordable, and they have a wide network of doctors and hospitals.
- A vast network of doctors and hospitals makes it easier to find in-network care.
- Offer a range of plans for various needs and budgets, including Medicare Advantage, individual plans, and employer-sponsored group plans.
- $0 copays for primary care visits
- Vision and dental coverage
- Digital fitness classes
- Health savings account (HSA) options
- Low-cost prescriptions
- Unlimited virtual visits
- Their average member satisfaction scores tend to be lower compared to others.
- Premiums can vary depending on your plan and location.
Aetna offers a variety of individual and family health insurance plans, including HMO, PPO, and POS plans. They have a wide network of doctors and hospitals, and their plans are generally considered to be affordable.
- Aetna offers a broad network of healthcare providers, ensuring access to many doctors and hospitals across the country.
- Similar to other options, Aetna provides diverse individual and family plans with bronze, silver, gold, and platinum tiers.
- Aetna emphasizes preventive health with programs and resources encouraging healthy habits.
- Like others, premiums can be high.
- Some plans have high deductibles and copays.
Humana offers a variety of individual and family health insurance plans, including HMO, PPO, and POS plans. They have a wide network of doctors and hospitals, and their plans are generally considered to be affordable.
- Humana boasts a vast network of healthcare providers across the country.
- Various individual and family plans: categorized into bronze, silver, gold, and platinum tiers.
- Many plans include telehealth appointments.
- Humana maintains strong financial ratings.
- Premiums can be high.
- Humana is not available in all states.
Blue Cross Blue Shield
Blue Cross Blue Shield is a network of 35 independent health insurance companies that offer a variety of individual and family health insurance plans. Their plans vary depending on the specific company, but they generally have a wide network of doctors and hospitals.
- BCBS boasts over 1.7 million in-network providers.
- BCBS offers a wide range of plans to suit different needs and budgets. These include HMO, EPO, PPO plans, and Medicare Advantage plans.
- BCBS silver plans tend to have lower deductibles than the national average.
- BCBS offers Medicare Advantage plans in only half of U.S. states.
- Guest satisfaction with BCBS can vary depending on the specific company and plan.
Oscar is a relatively new health insurance company that offers individual and family health insurance plans in select states. They focus on a technology-driven approach to healthcare, and their plans are generally considered to be affordable.
- Oscar often boasts competitive prices, particularly for ACA plans.
- User-friendly app and online experience, streamlining communication and care management.
- Convenient and affordable virtual urgent care.
- $0 virtual primary care.
- Many commonly prescribed generic drugs are available for just $3.
- Operates in only 19 states and select regions within those states.
- High deductibles for lower-tier plans.
- Below average quality ratings.
Bright Health is a health insurance company that offers individual and family health insurance plans in select states. They focus on a value-based care model, and their plans are generally considered to be affordable.
Ambetter is a health insurance company that offers individual and family health insurance plans through the Affordable Care Act marketplace. They offer a variety of plans with different levels of coverage, and their plans are generally considered to be affordable.
- Cheapest options on the ACA marketplace.
- PPO plan availability.
- Lower-than-average customer complaints.
- Some plans offer extras like gym membership discounts, telehealth services, and vision/dental coverage.
- Ambetter operates in only 21 states.
- Ambetter’s network may not be as extensive in all areas.
How Much Does Health Insurance Cost for Self-Employed?
Health insurance costs for self-employed professionals depend on age and individual demands. Here’s an estimated health insurance cost for self-employed for various age groups:
- 30 years old: ~$453/month
- 40 years old: ~$509/month
- 50 years old: ~$712/month
- 60 years old: ~$1,079/month
Other factors include plan type, family size, and income (which might get you discounts).
Health insurance can be expensive and tricky to figure out, especially if you work for yourself. The main costs of a health insurance plan are the premium, which is the monthly fee you pay for coverage, and the deductible, which is the amount you have to pay before the insurance starts helping. Usually, if one is high, the other is low.
If you work for yourself, you can consider health insurance as a business expense. This means you can subtract the cost of insurance premiums from the money you report as income, which can lower your taxes or give you a bigger refund.
Also, many people in the U.S. can get discounts on health insurance plans through the Marketplace. You can check if you qualify by using the healthcare.gov calculator.
If you want to see how much different insurance options might cost based on your income, you can use the Plans & Prices tool on healthcare.gov.
Tips for Self-Employed Professionals to Find Better Health Insurance Coverage
The best health insurance is like Goldilocks’ porridge – not too expensive, not too cheap, but just right for YOU!
Self-employed professionals finding the perfect health insurance should consider:
- Choose an insurer with a large network and a customer-friendly claims process.
- Look for an organization that offers group plans.
- Check your eligibility for a special enrollment period and discount offers.
- Health insurance protects your wallet, not just your health. Don’t skip it because of cost, big medical bills can really hurt your finances!
Talk to an expert for help finding the perfect plan for you.
Choosing the best health insurance for you and your family is very necessary. Carefully think about what cover you need, what suits and what you can afford.
Although it might seem complicated, exploring and comparing various options can help you find the best health insurance for self-employed at a price you can afford.
Don’t forget to think of income protection insurance. Your health is your wealth, and having the perfect fitting health insurance can give you financial stability in every condition.