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Health Insurance for the Self-Employed: Finding the Right Fit

While working for yourself has its perks (setting your hours and working from home for starters), one significant disadvantage is purchasing health insurance.

Unlike employees working for companies that offer group health insurance (about half do), self-employed individuals must arrange their own health insurance. And even though it could seem difficult, setting up your health insurance can be simple with a little assistance. Read on to learn the health insurance options available for self-employed individuals so you can make the best decision about your healthcare coverage.

Do I need health insurance if I am self-employed?

Health insurance is something everyone needs! And things get even more serious if you are working alone. You and your family could face financial ruin if you don’t have health insurance if there is even the slightest medical emergency. The danger just isn’t worth it. In addition, remember that if you work for yourself, you’ll also need to get other types of insurance in addition to health insurance.

Who is considered to be self-employed?

Although about half of working U.S. citizens have access to health insurance through their jobs, this situation may be changing due to rising medical expenses. Several types of workers often look for insurance on their own, including people who perform services for large businesses or organizations but aren’t considered employees. Furthermore, consultants, physicians, real estate brokers, and lawyers also enter this category.

The second category, however, includes those individuals who work for themselves. These individuals are independent contractors, freelancers, tradespeople, and business owners operating as sole proprietors.

What are some medical insurance options for self-employed individuals?

If you don’t have access to a working spouse’s or parent’s plan or employer-sponsored insurance, look at some choices below.

The State and Federal Health Insurance Marketplace

Independent contractors and other self-employed individuals can learn about the Health Insurance Marketplace by visiting The Marketplace provides various options for purchasing individual and family private health insurance and enables individuals to compare plans. Additionally, it offers standards for determining eligibility for premium tax credits, Medicaid, and other insurance programs.

To be able to enroll in the Marketplace, you must estimate your self-employment income for the year as accurately as possible. However, you can make modifications if this changes. You can apply online by creating an account or you can contact Insureous Health Solutions and we will help you apply. You will need to provide information such as contact info, identity, household size, income taxes, and immigration status.

Federal programs

Depending on age and income, you may also qualify for one of three Federal programs:

  • Medicaid – For the approximately 74 million Americans who qualify, this needs-based assistance program offers free coverage and can be a good insurance alternative for the self-employed. Medicaid is typically for those making less than the federal poverty level. However, disability and children are also taken into consideration when determining eligibility.
  • Medicare – Medicare is a federally-run insurance option available primarily to Americans 65 and older. According to their unique plan and tax history, beneficiaries typically make monthly payments, while some expenses are covered by taxpayer money. Medicare is a typical technique for eligible individuals to obtain coverage if they don’t have an employer.
  • Military programs – The government offers TRICARE as a health insurance option for military service members and their families. On the TRICARE website, applicants can learn about available plans and other resources and use the site to determine their eligibility. Veterans can also apply to participate in VA coverage programs. TRICARE or other federal programs, or private insurance can supplement these programs.

Private medical insurance options for self-employed individuals

Some insurance companies offer medical insurance options for self-employed individuals who require high-quality healthcare coverage at a reasonable price. So, if you’re looking for a plan that provides you and your family with a wide range of benefits, this option can be good for you. Insureous agents can assist you in finding the best individual plan at the lowest cost, so you can start there!

Short-term health insurance

You might get temporary coverage by purchasing a short-term health insurance policy. There is no open enrollment period, so you can get a short-term health insurance policy whenever you choose. Additionally, short-term insurance is typically less expensive than the all-inclusive health plans available from commercial insurers and through the government exchange. However, note that short-term insurance policies often offer protection for a time shorter than a year, and renewal is not always an option.

Industry-specific medical insurance

These private industry-specific health insurance policies can be a good option for some specific groups of self-employed individuals, such as caregivers. However, it is always smart to compare short-term medical plans with those you might get on the Marketplace. You don’t want to pay extra for a plan that offers you less coverage than the one you might just purchase from the Marketplace. After all, you might need the extra money to relocate your home or business.

Limited-benefit plans

Low-cost indemnity medical plans with fewer and more limited benefits than extensive medical insurance are another alternatives self-employed individuals can consider. Insureous offers plans that provide coverage at an affordable price. These plans pay a certain amount for services, and if your provider charges less, you will receive a check in the mail for the difference. These plans also come bundled with a number of tools, resources and value-added benefits that help you navigate the costly and complex healthcare industry.

Get expert advice

It can be challenging to compare health insurance plans when you’re a freelancer or independent contractor. We at Insureous want to make this process as simple as possible for you. We’re here to help you discover the best coverage at the best price with the help of our user-friendly website and experienced insurance agents. Contact us today and find out what medical insurance options make the most sense for self-employed individuals.