I know firsthand that hunting down the perfect health insurance can feel like finding a needle in a haystack.
However, having your own health insurance is a must-have to shield yourself and your loved ones from those unpredictable medical bills that can pop up.
So today, I’m sharing the best health insurance for self-employed people- that are made for self-employed folks like us!
Before we dive in, remember that choosing a health insurance plan is all about YOU – your budget, your coverage needs, and any pre-existing conditions you may have.
So let’s get into it!
It’s also important to understand that health insurance cost and availability vary greatly depending on geographic location, age, and other factors.
You may be able to get insurance from part-time jobs, but if you’ve started a business and are the boss, you’ve got to make sure you and your family are covered!
Before we get into our full list, here’s a quick TL;DR for our best health insurance companies:
- Overall Best Options – Christian Healthcare Ministries
- Best for 24/7 Emergency Care: Oscar
- Best For Premium Tax Credits: Aetna
- Best Expansive Provider Network: UnitedHealthcare
7 Best Health Insurance For Self-Employed
1. Christian Healthcare Ministries
We remember the struggle when we were searching for private health insurance and turned to Christian Healthcare Ministries (CHM) for health coverage.
CHM offers a unique solution that’s been a game-changer for us when we quit our jobs to blog full-time, and it might be just what you need too!
CHM lets us put our energy into what truly counts: nurturing our family, deepening our faith, and everything else that adds meaning to our lives.
What’s impressive about CHM is its competitive pricing. We’ve found it to be some of the best in the market.
Here’s the cool part: as members, we all pitch in to cover each other’s medical bills. If you want to find out more about it, check out our Christian Healthcare Ministries Review!
2. Health Savings Account
Health savings accounts let you make tax-deductible contributions to an account tied to a high-deductible health plan (HDHP).
It works by putting money into an account that can later be used for medical expenses.
The funds you put into the account are eligible for tax deductions, and the interest earned on your balance isn’t taxed until you withdraw it.
You’ll even get a debit card that makes paying for qualified medical expenses a breeze – from filling prescriptions to getting procedures done.
Plus, the funds in your HSA don’t expire. Any unspent money stays in your account until next year, earning interest until you use it for healthcare costs.
Oscar might be the right choice for you if you’re looking for lower premiums and deductibles. On average, their premiums and deductibles are lower than many of their competitors.
Oscar offers three types: HMO, PPO, and EPO. Each plan has its own benefits and drawbacks, so carefully consider which will work best for your healthcare needs.
Plus, they offer a health app that allows you to find care, have virtual appointments, track your deductible, refill prescriptions, and even get rewards for your daily step goals.
Another great perk of Oscar is their $0 copay for virtual care with most plans. This means you can get the care you need without leaving your home.
Oscar only offers health insurance coverage in certain states, so check if your state is on their list!
4. Blue Cross Blue Shield
If a strong reputation and a massive provider network are what you are looking for, then Blue Cross Blue Shield(BCBS) might just be your health insurance soulmate.
With a whopping 110 million members nationwide, BCBS isn’t just big; it’s ginormous!
We’re talking about a network that includes 96% of hospitals and 95% of doctors and specialists across the USA.
So, no matter where you are, there’s a good chance you’ll find a BCBS provider nearby.
BCBS isn’t a single company; it’s a network of 35 regional companies working together. This means your customer service experience can vary depending on your location.
UnitedHealthcare is like the buffet of health insurance!
From individual health insurance to short-term health insurance, dental and vision plans, Medicaid, Medicare, and Medicare Advantage plans to small-business health insurance.
What I love about UnitedHealthcare is the convenience they offer. You can get a quote and buy a plan using their online portal or the ACA Marketplace.
It makes comparing different self-employed health insurance plans a piece of cake. Plus, they offer five coverage levels, allowing you to choose the coverage that suits you to a T.
What’s cool about Aetna is that they offer a variety of insurance plans eligible for the maximum premium tax credit, meaning you can save on your monthly premiums.
And with their HMO, PPO, and EPO plans, you can pick and choose the plan that suits you best.
Moreover, Aetna’s plans only include the essential health benefits (EHBs) outlined by the ACA. So you can sleep easy knowing you’re getting the necessary coverage.
Aetna also provides nifty, no-cost or low-cost MinuteClinic services, which are super convenient for those minor health issues we all have now and then.
And when you don’t feel like stepping outside your home to go to the doctor, Aetna has 24/7 virtual care services for as low as $0!
But their plan costs are higher than average, which could leave a dent in your wallet even if you pay less when you get your medical services done.
This last option isn’t a company offering insurance but a way to get less costly plans that fit your needs. Let’s talk about affordability because, let’s face it, we’re all watching our budget.
eHealthInsurance helps you find affordable health insurance plans perfect for self-employed folks.
It helps you compare health insurance plans with the best health insurance companies so you can make confident decisions that fit you and your family perfectly.
And their search bar offers filters and ways to tailor your search for things that really only fit what your needs are and what your budget can handle.
And for those dealing with pre-existing conditions, take a deep breath. eHealthInsurance has a pool just for you, so you can kiss the fear of being denied coverage goodbye.
What kind of health insurance do self-employed people usually get?
Here are three types of health insurance that self-employed people commonly consider:
Individual Market Health Insurance
Many self-employed individuals buy self-employed health insurance through the government’s health insurance marketplace called the Health Insurance Marketplace.
You can purchase plans through the Marketplace during the annual open enrollment period or special enrollment periods established by the Affordable Care Act (ACA).
There are different levels of coverage available to those who qualify with Affordable Health Insurance options, and you can sign up a few times per year depending on your circumstances.
They range from catastrophic plans that cover only the worst-case scenarios to comprehensive plans that include regular doctor’s visits and preventative care.
Plus, the Children’s health insurance program (CHIPs) is also available in the marketplace, and self-employed parents can enroll their kids during enrollment.
Healthcare Sharing Plans
These are cooperative groups where members share each other’s health insurance costs. While these are not insurance per se, they can function as health cost coverage.
They might not cover all the medical expenses that traditional insurance does, but they can be a more affordable option for some self-employed individuals.
Short-Term Health Insurance Plans
These plans provide temporary health insurance coverage for a certain period.
They’re typically less comprehensive than traditional insurance plans and often don’t cover pre-existing conditions, but they can be a good option if you’re between major medical plans.
What is the best health insurance for self-employed people?
Finding the best health insurance as a self-employed individual isn’t a one-size-fits-all situation.
It’s about finding a balance between your personal health needs, budget, and preferences.
For our family, Christian Healthcare Ministries made the most sense since we’re able to pool resources with other families and get coverage for whatever we need.
But I know you have a lot to consider when getting insurance, including your medical history and any pre-existing health conditions that may be holding you back.
I highly recommend using eHealthInsurance, the health insurance marketplace, where you can compare multiple insurances and get the best insurance you can afford.
Can I write off my health insurance when self-employed?
Yes! You could be eligible to deduct premiums you’re shelling out for medical, dental, and even certain long-term care insurance coverage for yourself, your spouse, and your kiddos.
You can only claim this tax write-off for those months when neither you nor your spouse could be on an employer-subsidized health plan.
And one more thing: the deduction can’t be more than the earned income you make from your business.
Sounds a little complex, right? Reach out to a tax professional who can guide you through this labyrinth and make sure you’re on the up and up with the rules.
Why is health insurance so expensive?
As a self-employed individual, you may have noticed that health insurance can be expensive. Several factors contribute to the high cost of health insurance, including:
- Medical Costs – Medical costs are one of the primary drivers of health insurance premiums. Medical care costs have been rising steadily over the past few decades, and health insurance premiums have risen along with it.
- Administrative Costs – Another factor contributing to the high cost of health insurance is administrative costs. Insurance companies must pay for the administrative costs of managing policies, processing claims, and providing customer service.
- Age and Health Status – Your age and health status can also impact the cost of your health insurance. Older individuals and those with pre-existing medical conditions will likely have more medical needs, and therefore, they are charged higher premiums since they need more services more often.
- Location – Your health insurance costs can also vary depending on where you live. In some areas, medical care costs are higher than in others, and insurance premiums reflect those differences. If you live in an area with high medical costs, you can expect to pay more for your health insurance.
- Plan Type – The self-employed health insurance plan you choose determines the cost of your premiums. Plans with lower deductibles and out-of-pocket costs typically have higher premiums, while plans with higher deductibles and out-of-pocket costs have lower premiums.
Remember, the right self-employed health insurance plan for you is out there. It might just take a bit of digging.
I highly recommend signing up with Christian Healthcare Ministries, which made having our 2 daughters and growing our family easier and less stressful.
The self-employed journey can feel like a winding road with unexpected bumps and turns. But know that it’s worth it, even if you have to handle your own insurance plans.
Stay healthy and keep chasing your dreams.