Health Insurance for Self-Employed, Solopreneurs, and Freelancers

One of the biggest uncertainties of being self-employed, a solopreneur, or a freelancer is finding the best health insurance plan for you.

If you’re used to the safety net of employer-sponsored health insurance, finding and paying for your own coverage can be a daunting task. However, it’s worth it to have the peace of mind that comes with knowing you’re protected financially if you get sick or injured.

To help you get started, we’ve rounded up some of the basic things you need to know when you want to secure your own private health insurance.

Private Health Insurance Options

The first thing you need to know is that there are a few different types of health insurance plans available for individuals and families. Here are the most common:

Health Maintenance Organizations (HMOs)

HMO plans typically have the lowest monthly premiums but also the fewest choices for doctors and hospitals. With an HMO, you’ll usually need to choose a primary care physician (PCP) who will coordinate your care and refer you to specialists within the HMO network.

Preferred Provider Organizations (PPOs)

PPO plans offer more flexibility in terms of which doctors and hospitals you can see. With a PPO, you can typically see any doctor within the network without a referral from your PCP.

Exclusive Provider Organizations (EPOs)

With an EPO, you’ll have a network of doctors and hospitals to choose from, but you may or may not need a referral from your PCP to see a specialist.

Point-of-Service (POS) Plans

POS plans are a mix of HMO and PPO plans. You can choose to see specialists that are either in or out-of-network, but you’ll need to shoulder some of the cost if you choose to go out-of-network.

Average Cost of Health Insurance for Self-Employed & Freelancer

Based on the Health Insurance Index Report released in 2019, the average monthly cost of health insurance for a self-employed person is $448. This amount can vary depending on the type of plan you choose, your age, gender, tobacco use, and whether you live in an urban or rural area.

Tips for Choosing The Right Health Insurance Provider

When you’re looking for a health insurance provider, it’s important to consider the following factors:

Credibility

Make sure the health insurance provider is credible and has a good reputation. You can check this by reading online reviews or asking for recommendations from people you trust.

Expertise

Choose a health insurance provider that has a lot of experience in the industry. This way, you can be sure that they know what they’re doing and can provide the best possible coverage for you.

Affordable Cost

Compare the costs of different providers to make sure you’re getting the most bang for your buck.

Hassle-free plans

Choose a provider that offers hassle-free plans. This way, you won’t have to worry about the complexities of health insurance and can focus on living your life.

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