Published On: Tue, Nov 21st, 2017

How to Find Affordable Health Insurance If You’re Self Employed

Perhaps the toughest part of being self employed is finding affordable health insurance. When you work for a large company, they provide health coverage that is subsidized by the business. However, when you are self employed, you will be paying full price for a policy. If you have recently become self employed, you are likely to experience sticker shock. The following are a few things you can do to find an affordable health insurance policy.

Affordable Health Insurance

Take advantage of the Affordable Care Act

If you live in a state the has health care exchanges under the Affordable Care Act, also known as Obamacare, it is always worth a look to see how much your insurance will cost. There are certain income restrictions, so not everybody qualifies. For those who do qualify, there are different levels of coverage. The more coverage you want, the higher the price. If you do qualify, you may find that you get a good deal. These plans are heavily subsidized by the federal government. The biggest problem is that not every state has these exchanges, and the ones that do, often have only one or two insurance providers, so there is reduced competition, and the prices may be high.

Consider large deductible insurance policies

If you’re healthy, you may want to consider getting a catastrophic health insurance policy.

These policies have large deductibles, perhaps as high a $5,000 a year. The policies do not go into effect until a certain amount of out of pocket expense is reached. However, if you are healthy, you won’t be spending much on doctor bills, but if you find yourself needing expensive treatment or end up in the hospital because of a serious accident, your assets are protected. This type of policy is often good for older people, perhaps mid to late 50s who are still a few years away from being eligible for Medicare. Basically, it is a good policy to hold you over until you reach the age of 65. It should be noted that some of these policies were eliminated under the Affordable Care Act, but the current president has made some of them legal again.

Use a web based insurance site for quotes

There are now websites that exist for health care policies that will take your information, and then pass it along to several insurance agents to get the best price possible for your policy. This type of competition helps provide you with the best policies available that fit your circumstances. You can get quotations for different types of polices. For example, you may want to play around with different deductible levels. Health Insurance Innovations is an example of a company that has embraced this concept. The Health Insurance Innovations company has integrated cloud computing with medical insurance to allow for many insurance agents to compete for you business.

What is available to you is dependent upon the state you live in, and sometimes even the city you live in. Of course, your health plays a big role in your premiums, and many self-employed people have a spouse and kids that need coverage as well. In addition, the health laws are in a constant state of flux, so you must stay alert to these changes. Options for health coverage come and go, but by using the information above, you will have a good start in finding affordable medical insurance for you and your family.