How self-employed individuals can secure health coverage.
If you are self-employed, then you enjoy a considerable degree of freedom and flexibility when it comes to your work. However, being your own boss also means that you have more responsibility resting on your shoulders. For instance, one of the things that you are now in charge of is finding your own healthcare coverage. Without an employer-offered benefits package to rely on, you need to learn about your alternative insurance options to care for yourself and your loved ones. Here are some of the health insurance options that self-employed individuals should consider.
Health Insurance Marketplace
Self-employed individuals can secure healthcare coverage through the Health Insurance Marketplace. This coverage option is open to independent contractors, freelancers, contractors, and other types of independent workers that do not have employees.
You can access this coverage option at CoveredCa.com in California, where you will be asked a series of questions to confirm your eligibility. Once your application is approved, you will have the option to select different coverage plans. Two of the most popular coverage types include the following:
- Higher deductible plans– These plans are some of the most affordable healthcare coverage options available. Because you are paying a higher deductible on this plan, you have lower premiums. This plan is best for people who are in good health and don’t anticipate future accidents. To secure one of these plans, you need to apply within the open-enrollment period.
- Medicaid– Many Americans have access to low-cost or even free healthcare coverage through the Medicaid insurance program. You can qualify for this coverage option if you are low-income, qualify for disability, or are over the age of 65. While you might not qualify for Medicaid based on your income, some states will accept self-employed individuals into this program. There is no enrollment period for Medicaid, so you are free to apply at any time.
The Consolidated Omnibus Budget Reconciliation Act (COBRA)
If you are leaving an employer to become self-employed, then you may be eligible to extend your employer-offered healthcare insurance. Under COBRA, you are guaranteed a temporary extension to your healthcare coverage after your leaving your job, so long as you pay your plan’s premiums. Please keep in mind that, if your employer was paying a considerable portion of your healthcare coverage before, then COBRA may be a very expensive option once you’re self-employed. However, COBRA is a good temporary option that helps you maintain coverage until you can find a more economical option.
These are some of the healthcare insurance options that self-employed individuals should consider. Are you looking for further assistance with your health insurance needs? If so, then contact the experts at Randy Jones Insurance Services in Pleasanton, California today.