How Much Does Self Employed Health Insurance Cost?

Are you wondering how much does self employed health insurance cost? If yes, you should check out our guide here on the typical prices.

Are you recently self employed? Looking to start on your own?

Well, you probably have many questions left unanswered. So if you’re wondering about the self employed health insurance cost, we can help you out with that one.

In this article, we will go over your insurance options for the short and long term self employed.

So if you’re interested, keep reading to find out more:

Health Insurance for the Short Term Self Employed

Work is unpredictable, and even in the best of your career days, when you feel like you’re on top of the world, can suddenly end within an instance.

That’s life, and there’s not much you can do about it.

However, what you do after matters, and if you’re looking to become self-employed, the benefits of working a corporate job disappear. But it doesn’t have to be that way, health insurance is one of those things that you can get, and nobody will bat an eye.

Now let’s say you’re out of a job, but you’re looking to get back in as soon as possible.

Nonetheless, your health insurance is currently down, because you no longer work for the company. So what do you do, you look for solutions.

So let’s take a look at the short-term options that you have:

Consolidated Omnibus Budget Reconciliation Act

That’s a big word, but you can just call it COBRA. This is a great option if you want to keep on with your previous health insurance plan from your employer. The act allows you to keep that same health plan from your old job for up to 18 months.

However, you will pay more for it now, because your employer is no longer responsible for covering the premium.

The exact amount cannot be addressed, but you can expect to shell out at least half of the percentage that your employer was covering.

Regular Short Term Insurance

If you are looking to save money on the premium, regular short term insurance is your best bet. This insurance accounts for time up to three months.

You can also sign up for the plan outside of the enrollment period, which will lower your premiums even more.

However, a short term policy has an insane out-of-pocket cost, so it’s very unlikely that it will be covering any conditions of the past. If you have a pre-existing issue, it won’t be covered.

Nonetheless, this is case-by-case, so you should ask around from various insurance providers, and see which is best for you. The cost will be dependent upon the plan that you select.

Industry Insurance

If you’re currently a freelancer, then you can apply for a union that has discounted health insurance.

And, no matter your industry, there are specific insurance plans to your industry, which are available to everyone, starting with teachers and ending with YouTubers.

However, you should always read the fine prints, so that you don’t end up paying more for a plan that provides you with fewer benefits in comparison to a full-scale plan on the insurance marketplace.

Health Insurance for the Permanently Self Employed

Now for those who are looking to be self-employed for a long time, there are some other options for you to cover your health insurance.

The variability depends on your needs, your income, and who will be covered.

These are your options:

Insurance Marketplace

The first thing that you do is visit the government Health Insurance Marketplace, and find out if you qualify for low premiums, tax credits, and/or Medicaid.

This is also where you can look at the existing prices, and select a plan that can cover children (if you have any) via the CHIP program.

This is a great option for customized selection as you get to tailor the options via your personal filters.

Private Insurance

Some providers have plans that are created for people like you, those who are self-employed and need great coverage for their health at affordable pricing.

Private insurance allows you to enjoy a variety of benefits with access to network providers, annual hospital checkups, preventative care, therapy, and much more at no additional cost.

So speak with a private insurance agent, and find a plan that suits your needs.

Sharing Ministries

Another way to cover your health care is through sharing ministries. Now you might think that a sharing ministry is technically not insurance as it’s a group, belonging to an organization of a ministry, which pools money together into a fund.

Well, that’s exactly what it is, but what you don’t know is that they use the fund to pay for major health care for all of the members.

If you have no dependents, this is a great option for you.

However, there are limitations on what the ministry will be paying for, and they are also not covered by the Affordable Care Act, so they are not required to cover any of your pre-existing conditions.

The Self Employed Health Insurance Cost

As you can see, the cost itself cannot be addressed because insurance is customized and tailored to your specific needs, your status, your income, your employment, and much more.

Nonetheless, we have provided you with many options and outlined the ones that can bring down your premium costs to a significantly lesser amount.

Do your research, cross-compare, and you will find the facts about self-employed health insurance that you need to make a good decision.

Insurance Done Right

Now that you know about the self-employed health insurance cost conundrum and the options that you can select for your coverage, you are well on your way to getting your insurance done right.

And that matters, because your health is yours, and you’re responsible for it. So don’t let bad coverage get in the way.

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