You need health insurance but you're one of the 42 million Americans who are self-employed. Without the same options as someone who is employed, how do you get health coverage? Under Obamacare released in 2014, you need to have coverage or you face a fine. Here's a look at all the options you have for health insurance when you're self-employed.
Face the Fines
One of the first options you have is to not get health insurance at all. In this case, you'll need to face the fines. These are 1% or $95 per person for the first year and will rise to 2.5% or $695 per person in the second. While the first year may be better for you financially, it will soon make more sense to buy health coverage.
Look at Family Policies
If your spouse works, ask him or her to look into the family policy at the workplace instead. This will usually lead to higher premiums, but they are often less than the premiums you would pay for an individual policy.
When you can't be added on, you'll need to look into your own policies. Check the state offered ones in your area and consider high deductibles. You'll need to pay the deductibles when you make claims, so make sure you have the money available.
The good news is that when you get a policy, you can deduct the full cost from your profit for your tax returns. There's no need to completely lose out.
Check Out Medicaid
There are options out there to help reduce the cost of your health insurance. Find out if you can get Medicaid and look out for the likes of tax credits and savings from the government.
While doing this, you can look into the different types of medical insurance available. Some people will opt for just the basics to cover them in an emergency. Others will look out for better coverage for the more likely problems they will face.
Check Professional Groups
There may be professional groups to join within your industry. This can help keep your self-employed health insurance costs to a minimum. If you freelance, for example, The Freelancers Union is just one example available that can offer policies with affordable premiums.
When you are looking into the different types of coverage, make sure they are enough to avoid the fines. You'll also need to check the policies for the stance on pre-existing conditions to make sure you really are covered.
For more information, contact companies like the Quesenberry Agency For Blue Cross-Blue Shield.Share