HOW TO FIND AFFORDABLE HEALTH INSURANCE WHEN YOU’RE SELF-EMPLOYED

Finding affordable health insurance can be a challenge, especially if you’re self-employed. Here are some tips on how to find affordable health insurance when you’re self-employed:

1. Check if you qualify for subsidies: If your income is within a certain range, you may be eligible for subsidies to help you pay for health insurance. You can check if you qualify for subsidies through the Health Insurance Marketplace.

2. Consider a high-deductible health plan (HDHP): HDHPs have lower monthly premiums but higher deductibles. If you’re generally healthy and don’t require frequent medical care, an HDHP could be a good option for you. However, be sure to consider how much you can afford to pay out-of-pocket in the event of a medical emergency.

3. Join a group plan: You may be able to join a group plan through a professional organization or trade group. These plans often offer lower premiums and better coverage than individual plans. However, not all self-employed individuals will have access to group plans.

4. Compare plans: Be sure to compare health insurance plans from different providers to find the best coverage at the most affordable price. Consider factors like deductibles, copays, out-of-pocket maximums, and prescription drug coverage when comparing plans.

5. Consider a health savings account (HSA): An HSA is a tax-advantaged savings account that you can use to pay for qualified medical expenses. If you have an HDHP, you can contribute to an HSA to help cover out-of-pocket costs.

6. Consider a short-term health insurance plan: Short-term health insurance plans can provide temporary coverage for up to 12 months. While these plans may have lower premiums than traditional health insurance plans, they often have limited coverage and don’t meet the ACA’s requirements for essential health benefits.

7. Consider a health care sharing ministry: Health care sharing ministries are organizations where members share healthcare costs. While these plans may be more affordable than traditional health insurance plans, they’re not regulated by state insurance departments and may not cover all medical expenses.

By following these tips, you can find affordable health insurance when you’re self-employed. Remember to consider your budget, medical needs, and any subsidies or group plans that may be available to you.