Self-employed professionals often need help with determining which healthcare plans accommodate their unique employment situation. That’s why FFI specializes in providing healthcare coverage for truckers, travel nurses, and real estate agents.
If you’re asking yourself, “How does a self-employed person get health insurance?”, this article can help you quickly review common options that suit both your budget and your employment status.
Should I take my employer’s health insurance?
Contractors may receive group health insurance through their employer for reduced rates. It probably sounds like a no-brainer to take the health insurance your employer provides, but there are two key points you should consider first:
1. What does your employer’s insurance cover?
Not all healthcare plans are created equal. Your insurer may have opted for a lower-quality plan as a cost-saving measure. Or, your employer has a high-quality plan, but it covers more than you’re ever going to need — and you’ll still be paying for those extra services whether you use them or not.
2. How long are you working for that employer?
The trouble with employer healthcare for contractors in particular is that contractors are regularly switching employers. Travel nurses and truckers may work for an employer as long as it takes for their contract to end, and once that contract ends, so does your coverage. This can result in long periods between jobs where you aren’t covered.
Is short-term health insurance worth it?
Short-term health insurance is also an excellent health insurance option for self-employed professionals.
Firstly, as the name implies, these plans provide excellent short-term options for contractors between jobs. You can apply any time of year for as little as a month and as long as 36 months, and there are no cancellation penalties. This can be a very convenient option for contractors who want coverage between jobs.
Alternatively, to avoid continually switching plans with each new employer, you could maintain a short-term health insurance plan for your next job. You can even apply for another short-term plan after the first one ends!
Interested in learning more? Ask for a free health insurance quote here with zero obligation.
Is an HSA worth it?
An HSA, otherwise known as a health savings account, is a specialized form of savings account that allows you to deposit money tax-free to pay for qualified medical expenses later on. HSA funds can cover deductibles, copayments, coinsurance, and some other expenses. These accounts can also accrue interest, which is tax-exempt as well.
The best part for contractors is that you own the account, not the insurance company or your employer. You can take it with you from job to job without any headache.
Not sure if an HSA sounds right for you? Health insurance experts are just a phone call away, ready to help you make an informed choice about your health. You can schedule your call here.