When it comes to being an entrepreneur, one of the biggest challenges can be finding health insurance. It can be difficult to find, and it can quickly become expensive, but the good news is that there are a lot of health plans available to self-employed business owners.
When it comes to finding health insurance as a self-employed business owner, the best way to do it is to shop around. There are many options out there and you may be able to find one that fits your needs and budget. For instance, if you’re an independent contractor, you can look into the Affordable Care Act marketplace to see what coverage is available.
These corporations will try to make you feel like you can’t so a damn thing without them and they are absolutely wrong. There is so much that we can do on our own. There is a lot of work involved, but it is doable.
I can only speak to the state of North Carolina (where I am based), however each state has it’s own set of resources. Do not be intimated to look. Think about the things you need for your health.
The Affordable Care Act now allows a self-employed health insurance deduction on premiums of 100%, meaning that you can reduce your adjusted gross income by the total amount of health insurance premiums you pay in a calendar year. (I know you can do your taxes through Turbo or you get your Auntie to do them, but it may be time to go ahead and pay for that Tax Expert.) This is no knock to Auntie and ‘em, but you are entering the world of entrepreneurs. With this transition, you are going to need someone who knows how to analyze accounting for self-employment and not just sending over a W-2. Put on your big girl/boy/non-bianary pants—you can do this.
I have my health insurance through UnitedHealthcare. Here is the information needed for UHC:
UnitedHealthcare: Self Employed health insurance
UnitedHealthcare Exchange plans offer a variety of affordable, reliable coverage options. You can find plans available in your area at UnitedHealthcare Exchange plans or you can call 1-800-806-0451 TTY 711.
Another Health Insurance provider I am familiar with is Cigna and Aetna. Both providers have a host of plans for entrepreneurs.
Cigna: Self Employef health insurance:
Find out about the plans and policies Cigna offers:
According to Money.com, there are highlights to each insurance companies. They have ranked a few mentioned in this article.
Top Picks for Insurance for the Self- Employed
Blue Cross Blue Shield – Best Gold Plans
A gold health insurance plan is a type of individual & family health insurance policy that covers 80% of covered health care costs with the policyholder paying the remaining 20%.
Aetna – Best for Tax Credits
A tax credit you can use to lower your monthly insurance payment (called your “premium”) when you enroll in a plan through the Health Insurance Marketplace ®. Your tax credit is based on the income estimate and household information you put on your Marketplace application.
United Healthcare – Best Expansive Provider Network
Expansive provider network just means mo’ Doctors to choose from.
Cigna – Best for Prescriptions
You can use Cignafor presecitption, but I prefer Good Rx. (It really does work, don’t be skeptical.)
Molina Healthcare – Best Pricing
Humana – Best for PPO
A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan's network.
Oscar – Best for 24/7 Emergency Care
Research any health plan thoroughly before committing to it. Make sure that you understand exactly what it covers and what it doesn’t so that you don’t end up with unexpected medical bills. Use website online chat feature. Send in an email. Use the “Contact Us” feature, that’s what it’s there for.
The bottom line, there are plenty of options out there for self-employed business owners to get health insurance. It can be difficult to navigate, but with some research and comparing options, you should be able to find a plan that fits your needs and budget. So don’t let the fear of not having health insurance keep you from going after your entrepreneurial dreams.
Go be AMAZING and don’t say I ain’t never done nothing for you.
With Realness,
Coach Mozingo
