Without the traditional benefits offered by employers, finding affordable and comprehensive coverage can feel daunting.
While it may be tempting to go without health insurance, thats a disaster waiting to happen.
Try these six resources to find affordable health insurance when youre self-employed.
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This can help you save money on your health insurance coverage.
Did you know?
To sign up, go toHealthCare.gov.
Just be aware that most insurance agents and brokers earn commissions from the insurance products they sell.
This can be a cost-effective way to obtain coverage.
Some employers allow self-employed spouses or domestic partners to join their plan regardless of their employment status.
Other companies may require you to prove you dont have access to alternative coverage.
You may need to wait until your partners open enrollment period to be added to their plan.
You might be able to join sooner if you experience a qualifying life event, such as getting married.
Freelancer and Industry-Specific Groups
Several professional associations and organizations offer group health insurance plans for members.
Joining one of these associations can provide access to affordable health insurance coverage with group discounts.
Freelancers Union, for example, connects freelancers with affordable health insurance plans.
The National Association for the Self-Employed is a group dedicated to supporting independent workers and small businesses.
By becoming a member of NASE, you canget a quotefor their health insurance offerings.
Health Insurance Companies
Health insurance companies likeCignaandUnitedHealthcareoffer private health insurance plans for self-employed people.
The companies offer a wide range of price points and coverage options to choose from.
Keep in mind that purchasing a health plan on your own from a private company can be really pricey.
Youre usually required to share the same religious and ethical beliefs to join the ministry.
The level of coverage varies, and there may be restrictions on certain procedures or pre-existing conditions.
How Much Does Health Insurance Cost for Self-Employed People?
With so many variables at play, its hard to estimate the average cost of a plan.
But your cost might be much lower depending on where you live or if you qualify for tax subsidies.
The good news is you may be eligible for certain tax deductions related to your health insurance expenses.
Whats great about this deduction is that its an adjustment to your income rather than an itemized deduction.
That means you might claim it whether you itemize or take the standard deduction.
Its up to you to find the best coverage and plan at the right price.
Here are some tips to keep in mind as you search for health insurance.
No matter which option you choose, keep this in mind: Read the fine print.
A thorough understanding of your health insurance coverage could save you big bucks.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer at The Penny Hoarder.
She covers retirement, investing, taxes and life insurance.
Lisa McGreevy, a former staff writer at The Penny Hoarder, contributed to this story.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
