Self-Employed, Single, And Searching? Top Tips For Finding Affordable Health Insurance Plans
Health insurance is an important part of protecting your health and your financial security, should a serious illness or injury occur. Unfortunately, the search process can be confusing, especially for those who are single and self-employed. If you work in your own small business and are seeking affordable health care options, consider using this information to help with your search.
Consider opting for major medical only
One way to make health insurance more affordable as a single person household working alone in a small business venture is to consider opting for only major medical coverage. This type of insurance will not cover any regular health needs, such as routine doctor's visits, physicals, and outpatient care needs. Instead, it will only cover serious illnesses and injuries, such as those that result in the need for inpatient care, surgery, or extensive treatment.
Because you will be covering all costs for any well-patient and preventative care needs, the premiums for only major medical coverage can be much less expensive than a standard health insurance plan with more coverage.
Consider association, group, or PEO memberships
If your self-employed income comes from a business in demand by other companies, such as accounting or tax preparation, you may be able to find affordable health insurance by joining an industry association, group or Professional Employer Organization (PEO). PEOs and some other associations and organizations work on a contractual basis with larger companies in need of their services. They then charge their members a small fee for group health insurance coverage, much like a larger standard employer might offer group health coverage to their employees.
Consider health savings accounts
While not a substitute for major medical health coverage, a health savings account (HSA) allows those who are self-employed to contribute up to $3,500, as of 2019. The tax benefits of health savings accounts can help to offset the costs involved in having a high deductible health plan (HDHP), which is a prerequisite for opening an HSA.
Consider taking a part-time job with benefits
If your business venture is still struggling a bit and you could use some additional income, look for a part-time position that offers an affordable source of health insurance as one of the benefits offered by working there. While not an ideal or permanent solution, this option can help with your health insurance needs until your business becomes successful enough to afford other options for coverage.
To learn more about purchasing health insurance plans as a self-employed business owner, make an appointment to sit down with a reputable insurance broker in your area.