As a self employed internet marketer you might find it hard to get affordable health insurance without getting ripped off.
Trust me, I’m speaking from experience when I said that as this has happened to me several times and I’m kinda ashamed to admit it.
However, there is no way around this topic and I feel like every online business owner needs to know what options they have when it comes to finding the most affordable health insurance for either themselves or their entire family.
If you don’t currently have health insurance and you work from home and at least 50% of your monthly income comes from your online business then you need to listen up as I have some very important information to share with you guys today.
I’ll be showing you why it’s important to have health insurance and how this can actually save you money over the long term.
I’ll also be showing you the top 5 most reputable places to get health insurance and even show you how to go about selecting a plan.
I invite you to follow along and leave any questions you may have at the end of this article in the comments below and I’ll get back with an answer right away.
How To Go About Health Insurance If You An Online Business
A self-employed person is someone who does not work for any organization—you are your own boss.
So, if you have an online business, you are self-employed. Working for yourself has a ton of benefits and everyone hopes to get there sometime.
However, many people overlook the responsibilities that come with it. One of those responsibilities is finding a health insurance plan that works for you.
It is a little risky to become a freelancer or self-employed person without thinking of health insurance. Health is expensive and the future is unpredictable.
The aim of this article is to shed light on the health insurance issue for self-employed people and help you choose a plan that will take care of you when things get tough.
Why Is It Important To Have Health Insurance When You’re Self-Employed?
You will save money! As a self-employed person, you are responsible for your family and business’s finances.
If something happens, those unexpected medical expenses will cripple your business and personal finances.
Health insurance shields you from the unexpected costs and makes those rough days bearable.
Besides, when doctor’s office visits are covered, you will be encouraged to go for checkups every once in a while and prevent any oncoming health problems.
Your health is taken care of. Your business depends on you solely for it to thrive. What happens when you are too sick to work?
Everything you have worked to achieve could go up in flames. Health insurance encourages a healthy lifestyle via regular checkups and protects you from bankruptcy that may be caused by hefty medical bills.
There is a penalty if you do not have health insurance. The penalty is called the Individual Mandate Penalty. The penalty applies to people who do not qualify for an exemption and can afford insurance.
Sometimes being a freelancer is not easy and paying health insurance may be a stressing expense. Nevertheless, the penalty that you may pay can be outrageous and it could leave your bank account in bad shape.
5 Of The Most Reputable Places To Get Health Insurance When You’re Self-Employed
The Freelancer and Specific Advocacy Groups- These groups are great places to find insurance as they are tailored to people just like you. One such group is the Freelancers Union.
Besides getting a health insurance plan, you can supplement medical plans such as dental. Other insurance plans are also available, like life insurance. Others include Professional Photographers of America and National Writers Union.
The Health Insurance Marketplace- Your eligibility for various benefits here depends on household size, your income, among other factors. Through the Affordable Care Act, you could qualify for a few options and benefits.
Health Insurance Brokers- Health insurance brokers are great because they present you with plans from different companies so that you can compare and make an informed choice.
Established health insurance brokers might not charge you a dime for the services because the insurance companies pay them.
Gravie and Stride are good health insurance brokers and you may want to check them out.
Health Insurance Companies- Many health insurance companies have private health insurance plans that are tailored for self-employed people.
They have a lot of options for you.
The problem is that looking around may be hectic.
eHealthInsurance- This is one of the best options for any self-employed person and freelancer. It is affordable and has various health plans that you can choose from depending on where you live and the size of your family.
There are also plans for people with pre-existing conditions. Basically, they have something for everyone. Head over to their website and check out the plans.
How Much Does Health Insurance Cost For The Self-Employed?
As much as you would like to get a specific figure for this question, there isn’t one. Your health insurance rate is different from that of the next person.
Do not let that worry you, though!
As a self-employed person, you have a wide range of options to choose from and you are free to choose the most affordable one.
The Department of Health and Human Services revealed that in 2016 the average American spent $106 a month on insurance after subsidies.
This amount could be lower for single coverage.
How Much Coverage Is Available?
The higher the cost of the plan the more the coverage so there is no definite answer here. Very low-cost plans will only cover you in worst case scenarios while higher cost plans will offer you premium coverage.
Since you are self-employed, first assess your expected income before deciding on a plan. Do not choose a very expensive plan that will strain you or a very cheap one that will be of little help.
Also, consider your household size among other factors. This is not a decision you want to rush into.
How To Decide On A Plan
Here are a few factors to consider:
The number of people that the plan will cover: chances are you want the plan to cover your dependents.
Someone in your family may have another coverage option so in some cases using two or more plans to cover different family members may save you money.
How often you visited the doctor the previous year: if your visits to the doctor were frequent, it is wise to get a higher monthly premium.
The size of your savings account: if you have a fat savings account, you can get a health plan with a higher deductible (if need be).
If your savings account is not loaded and you live paycheck to paycheck then get a lower deductible.
Sometimes life just happens and it might knock you down. When that happens, you want to be prepared to get back up quickly.
You cannot afford to walk around without an insurance plan because if you get sick, you might end up bankrupt and out of business—not a good place to be.
What’s worse, the IRS penalty may kick you while you are down and probably take away your will to live.
You have to be smart when it comes to finances, especially as a self-employed person and having a health insurance plan is definitely a smart move.
My Closing Thoughts
Having the proper health coverage as a self employed entrepreneur is vital to your health and wellness. Also, you have a business to run so you don’t have time to be getting sick.
Go to the doctor regularly and get yearly checkups to make sure you’re in the best shape health wise.
Now go out there and crush your goals and do whatever it takes to continue building your online empire.
I really hope that this article has helped you guys out and given you some insights into what options you have available to you when you work for yourself.
Still, have questions for me? Leave them for me below and I’ll get back with you A.S.A.P.
Stay healthy folks and I’ll see you in my next post.
~Your Friend, Scott~