Finding the Right Health Insurance When You’re Self-Employed

Working for yourself comes with a lot of perks. It comes with a lot of costs, too. One of those costs is paying for your own health insurance.

But keeping your health covered doesn’t have to take a big chunk out of your profits. With some careful shopping, you can find a plan that keeps you covered and keeps cash in your pocket.

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Self-Employed Health Insurance Options

These days, most people are enrolled in some form of managed care health plan. Managed care plans are set up to include “networks” of doctors, hospitals, and health care providers. The health plan negotiates with the provider network to keep the cost of care down. The plan members enjoy lower costs, and the providers get more business — everybody wins.

For anyone who is self-employed, a managed care health plan can offer comprehensive coverage at an affordable price.

There are two kinds of managed care plans you’re likely to come across while you’re shopping for coverage:

HMO plans. These plans require you to receive your care from within the provider network. If you see a doctor or specialist outside the network, the plan will not cover it. You’ll also need to get approval from your physician in order to get hospital or specialist care. But on the other hand, HMO plans are very affordable, and usually feature no deductible.

PPO plans. These plans provide two levels of coverage: one for “in-network” care and one for “out-of-network” care. Staying in the plan network will save you money on your health care. But you’ll still have the flexibility to visit any doctor or hospital you choose without having to pay the entire bill yourself.

What About an HSA? 

Health Savings Accounts — or HSAs — are a relative newcomer to the world of health insurance. HSAs aren’t health plans. They’re a way to save money for paying for health care.

With an HSA, you save money tax-free. The money you save earns interest, and can be used to pay for nearly every health-related expense. And when you reach age 65, you can withdraw the money in your HSA for any reason.

To open an HSA, you first have to enroll in a high-deductible health plan. The IRS considers any individual health plan with a deductible over $1,100 to be “high-deductible” (the deductible needs to be $2,200 if the plan covers your family, too). And don’t let the name “high-deductible” scare you off — the higher your deductible, the lower your monthly premiums.

Ready to get covered? Talk with our network of agents. They’ll help you choose a plan that gives you the coverage you need, and fits into your budget.

Connecting with agents is fast and free. Just use our simple online form to get started.