Health insurance options for self-employed professionals.
While being self-employed comes with a high degree of flexibility, it also comes with a considerable amount of responsibility as well. One thing that you are responsible for is securing your own health insurance. If you do not have coverage yet, then here are some of your health insurance options.
- Insurance Companies
One way to secure health coverage is by working directly with different insurance carriers. If you work with an independent insurance agency, then they have coverage options from multiple carriers. An agent will compare these offerings on your behalf, present you with the best options, and allow you to choose the policy that best fits your budget, enrollment window, and other needs.
- Short-Term Health Insurance
As the name suggests, short-term health insurance is meant to provide healthcare coverage for a set amount of time. Typically, these plans offer coverage for up to 12 months at a time. These plans are beneficial because you can use the doctor of your choice, and there is no enrollment period to wait for. However, the downside of this coverage is that it is limited by time, and you will have to wait up to 36 months to renew your plan. Additionally, if you have a pre-existing condition, there is a chance that you will be denied coverage.
- The Consolidated Omnibus Budget Reconciliation Act (COBRA)
If you are leaving an employer to become self-employed, then you may be eligible to extend your employer-offered healthcare insurance. Under COBRA, you are guaranteed a temporary extension to your healthcare coverage after your leaving your job, so long as you pay your plan’s premiums. Please keep in mind that, if your employer was paying a considerable portion of your healthcare coverage before, then COBRA may be a very expensive option once you’re self-employed. However, COBRA is a good temporary option that helps you maintain coverage until you can find a more economical option.
These are some of the healthcare insurance options that self-employed individuals should consider. Are you looking for further assistance with your health insurance needs? If so, then contact the experts at VGW Walker Insurance in Texas today.
