Health Insurance Options for Freelancers, Self-Employed Workers, and Small Business Owners

Becoming self-employed, freelancing, or starting small business can be an extremely liberating experience. In full-time employment, you may have found yourself trapped, unable to make important decisions, or not utilizing your unique talents. Having the freedom to explore your creativity and entrepreneurial spirit can help you achieve your full potential.

That said, leaving full-time employment does come with some drawbacks; one of the most significant being the loss of medical insurance coverage from your employer. To protect yourself and your family, it is important to ensure that you factor in health insurance premiums when analyzing your financial situation before committing to a business plan.

As a freelancer, small business owner, or self-employed individual, you may not be aware of your options in selecting health insurance coverage for you and your family. In this article, we will explore the choices that are available.

What are my health insurance options, as a freelancer, self-employed worker, or small business owner?

Spouse or partner’s health insurance

If your spouse or partner is in full-time employment, it is usually possible to be added to their health insurance coverage. Sometimes this is free, but you may be required to pay into the policy. However, this is generally less expensive and more comprehensive than taking out a separate policy. In most case, a parent’s health insurance will also cover all dependent children, which is a critically important. Don’t forget to shop around; an individual policy may be less expensive than addition to a spousal policy in some circumstances. 

Deductible private insurance

Taking out private health insurance as an individual or family can come with considerable tax benefits. Some plans have a deductible value that runs into tens of thousands of dollars, so it’s worth considering whether this approach leaves you better off than other options. 

Freelancer’s union

As a member of a freelancer union, you may be entitled to health coverage. A basic plan may not be as comprehensive as other policies, but it will prevent financial difficulty if you run into health problems. 

Local business group

Involving yourself in a local business group not only helps you to network and explore new opportunities, it may give you access to a group health insurance plan. Speak with your local group to establish the benefits available to members. 

Flat-rate family physician

Some self-employed people opt to take out a monthly flat-rate plan with their local physician. Although this will not cover emergency care, dental work, or pharmacy costs, it does ensure that you will have access to a family physician when required, without the need to pay for expensive diagnostic appointments. 

Small business health insurance

If you own a registered business, you may be able to secure affordable health insurance coverage for yourself, your family, and your employees, by applying as a business. Rules vary per insurance company, but if you have several employees, this may be the most cost-effective method of delivering healthcare for all. If you are looking for high-quality coverage designed by small business owners for small business owners, learn more about Loran Health Plus insurance by visiting their website.

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