You May Be On Your Own, But When It Comes To Health Insurance, It’s Good To Have a Partner
In addition to all the other challenges and opportunities involved in starting your own business, people who work for themselves must figure out how to get health insurance if self-employed. Unless they have employees, self-employed individuals cannot avail themselves of the group health insurance coverage options available to other employers. That means they will have to seek out and obtain individual and family health insurance coverage just like other folks who do not get health insurance through an employer, spouse, parent, or school.
Self-employed individuals in California can purchase individual and family coverage on the Health Insurance Marketplace (the centerpiece of the Affordable Care Act), or through the Covered California Marketplace. They can also enroll in a spouse’s plan, buy coverage directly from an insurance company, or work with an experienced individual health insurance broker to find the right plan.
Considerations When Choosing Health Insurance If Self-Employed
Not only is enrolling in a health insurance plan essential for the health and peace of mind of self-employed individuals and their families, but it is also a substantial expense. You’ll want to understand how much you can afford to pay for premiums, whether you qualify for federal subsidies to help pay for those premiums, and the amount of the deductible, copays, and coinsurance that will all impact your out-of-pocket costs. Knowing what you can afford will help you narrow down the choices from the many types of coverages available on the individual market.
Scope of Coverage
Under the Affordable Care Act, all individual and family plans must provide certain baseline benefits and coverage. Beyond those requirements, however, plans may differ significantly in their scope of coverage and in how much covered individuals can expect to pay in copays, coinsurance, or prescriptions. Deductibles and coverage limits may vary from plan to plan as well.
As you review health plans, you’ll want to figure out what matters most given your and your family’s health care needs. Choosing between plans and providers often involves trade-offs: you may have to go with less coverage but lower costs or a more expansive physician network but higher deductibles, for example.
Size of Physician Network
Another critical factor in choosing health insurance if self-employed is the scope of the plan’s physician network and the number of doctors “in-network.” When considering the plans available in your area, make sure that you select a plan with the type of network that fits your needs. For example, you may need to decide if an HMO is adequate or if you need a PPO to access a broader network of physicians.
Why Working With an Experienced Broker Is The Best Way To Get Health Insurance If Self-Employed
Many self-employed people used to work for companies that provided them with health insurance coverage or had coverage under a spouse’s group insurance plan. There is not much in the way of choosing to do when there is only one plan to choose. Because of this, self-employed individuals may be unfamiliar with what to look for in a plan, how to match the right plan with their specific needs, and how to compare the different plans available.
Getting up to speed on the complexities of individual and family health insurance coverage can be time-consuming, confusing, and frustrating. You may not have confidence that you’re picking the right plan, and if you do it yourself, you’ll have no one available to answer the many questions you will likely have.
That is why so many people in California work with an experienced broker when looking for health insurance if self-employed. California health insurance brokers like Preferred Insurance live and breathe health insurance. They have immersed themselves in its nuances, undergone extensive education and training, and must undergo a rigorous licensing process before offering their services to consumers.
They can walk you through your options, answer your questions, and propose the best health insurance solutions for you and your family. The best part is that a broker’s services won’t cost you anything.
If You Are Self-Employed, We Can Help You Get The Health Coverage That You and Your Family Need
Getting health insurance if self-employed does not have to be a frustrating experience when you have the experienced individual health insurance brokers at Preferred Insurance on your side.
Our brokers will answer your questions and give you practical, affordable solutions that fit your health insurance needs, keeping your best interests at heart.
Contact Preferred Insurance today to arrange for your free consultation.