Self Employed Health Insurance: Every Option You Should Know

Are you self employed and looking for health coverage? Do you work as a freelancer or do gig work? Self employed health insurance might be right for you. If you don’t know where to start, we have all the answers you need to help you find the right health coverage for you and your situation.

If you need more information about self employed health insurance coverage, we have plenty of talented agents waiting for your call. Call us at (855) 968-5736 every weekday from 9 a.m. to 5 p.m., and we will help you find all the coverage you need. Are you looking for more information on Marketplace Plans? Our free, unique quoting tool can accurately estimate your payment based on age, location, and income.

How Do I Qualify As Self-Employed?

A self-employed individual owns a business that takes in income but has no employees. Based on the income you claim, you will be eligible for a larger tax subsidy on your ACA Marketplace plan. You can enroll in the Small Business Health Options Program if you have at least one employee.

Who qualifies as an employee? An employee is someone whose income you claim on a W-2 form. So if you hire independent contractors or freelancers, you still qualify as self-employed.

Why Should I Get Health Insurance?

Health insurance can help curb costs associated with medical bills, unexpected health complications, and more. Healthcare is becoming increasingly expensive, so protecting yourself by purchasing health insurance can help with costs in the long term.

If you’re still not sure if health insurance is right for you? Call our agents at (855) 968-5736, and we can help you determine your needs.

Self Employed Health Insurance

Choosing self employed health insurance can be overwhelming due to the amount of options you have. If you need help deciding which plan works best for you and your budget, call us at (855) 968-5736. We’ll help you navigate the complexities of health insurance and more.

But here is a short explanation of the different options available to you:

ACA Marketplace

The Affordable Care Act established the healthcare marketplace, making healthcare more affordable. You can get tax subsidies through the Marketplace, making your monthly premiums $0! The amount you pay will depend on your age, location, and income level, but for those who are self-employed, this is a great option for you to consider.

To qualify, you must determine the income you plan on earning that year based on prior knowledge, average market prices, and more. If your income changes drastically from your estimate, call your Marketplace provider immediately as you could pay less or owe more on your taxes.

Are you curious about what you’ll pay for a Marketplace plan? Our unique quoting tool can accurately estimate what you’re expected to pay for a Marketplace plan.

High-Deductible Health Plans (HDHPs)

High-Deductible Health Plans (HDHPs) require policyholders to pay a high deductible before full coverage begins. According to the Bureau of Labor Statistics, the median deductible amount you can expect to pay on an HDHP is $2,500.

So why would you want to get an HDHP as a self-employed individual? The monthly premiums on an HDHP are lower than most healthcare plans, so it can appeal to those just looking for preventive coverage as it is typically covered.

Small Business Health Options Program (SHOP)

The Small Business Health Options Program (SHOP) is a separate healthcare Marketplace that is made to help small business owners offer health insurance to their employees. You should qualify for the SHOP Marketplace if you have at least one employee (that isn’t a spouse, business partner, or spouse of a business partner).

If you own a small business, this is your best option for health insurance since there are plenty of choices and a tax credit available to small businesses.

Medicaid

Medicaid is low-cost health coverage available to low-income people, families, pregnant women, the elderly, and people with disabilities. Unlike most healthcare plans, you can apply for Medicaid any time of the year. Qualifications depend on the state that you live in, but each of the essential health benefits dictated in the Affordable Care Act will be available with Medicaid plans.

Short-Term Health Insurance

Short-term health insurance is temporary coverage offered by health insurance companies for those between jobs or seeking coverage before new insurance begins. Most short-term health insurance coverage lasts a maximum of 12 months, and they offer limited services based on the brevity of the policy.

Self Employed Health Insurance Deduction

Is there a self employed health insurance deduction? Yes, tax benefits are available. They allow self-employed individuals to deduct health insurance premiums for themselves, spouses, or dependents. This applies to medical, dental, long-term care, and medicare premiums.

Here’s what can make you eligible for a deduction:

You have a net profit from self-employment (as claimed on a Schedule C, Profit/Loss Business Form, Schedule C-EZ, or Schedule F)
Had self-employment earnings claimed from a partner
Used an optional method to figure out net earnings (as claimed on a Schedule SE, Self-Employment Tax)
Your paid wages reported on Form W-2

You can claim a health insurance deduction even if you received partial coverage throughout the year.

How Can You Find Self Employed Health Insurance?

Finding health insurance as a freelancer or someone self-employed can be difficult. You can go through the Marketplace or deal with insurance companies by yourself, but we suggest you talk to one of our well-informed agents. Health Care Plan Quotes are dedicated to helping you find the best health insurance for your situation and budget.

Call us at (855) 968-5736 every weekday from 9 a.m. to 5 p.m. to be connected to an agent. We will help walk you through the different options available to you.

Conclusion

Being self-employed doesn’t mean that health insurance is out of reach. There are several options when you’re self-employed such as the Marketplace or Medicaid. If you’re confused or frustrated about finding self employed health insurance, we’ve got you covered with agents on standby waiting for your call.

Our agents are available every weekday from 9 a.m. to 5 p.m. at (855) 968-5736 and are ready to help you navigate your health insurance options. If you aren’t prepared to talk to someone, we have a unique quoting tool that shows accurate estimates of Marketplace plans.

Frequently Asked Questions

Are Self Employed Health Insurance Premiums Deductible?

Yes, health insurance premiums are deductible. You will need to claim your deductible on your yearly taxes.

How Much Does Self Employed Health Insurance Cost?

Self employed health insurance costs depend on age, gender, location, health status, and income. However, four out of five Americans qualify for a $0 health plan, so your health insurance could cost you nothing.