Being self-employed definitely has its own perks; you do not have to adhere to the rules and regulations a regular corporate job confers upon its employees. However, there is a downside to this form of freedom; since the individual is self-employed, there are high chances that there will be discrepancies in the amount of money they earn every month. Moreover, if it is a new business, one needs to invest a lot of time and money in it, and this would leave them short of funds when it comes to certain unavoidable circumstances such as having an all-encompassing health insurance.

Carrying on with your daily activities without a health insurance is a disaster waiting to happen. It is imperative that irrespective of your employment status, whether you are self-employed or a corporate employee, it is essential that you opt for a health insurance. In fact, finding an affordable health insurance for a self-employed person isn’t a mammoth task since there are various mediums that help you choose the right self-employed health insurance, and this requires efforts on your part as well.

Finding an affordable self-employed health insurance that provides the requisite coverage can be made possible with the help of the following tips:

• Shop around: Price is one of the major determining factors whenever we set out to buy anything. This same rule applies to a self-employed person’s health insurance too. It isn’t sensible to buy a health insurance from the first health insurance provider you come across. Instead, you have to shop around, and this is made easy since there are various websites such as eHealthInsurance that allow you to compare the health insurance policies provided by different insurance companies. Ensure that you check the premium and deductibles before signing the dotted line.
• A health insurance broker: People often think that hiring a broker will automatically result in a rise in the cost of the services they wish to avail. However, not many are aware that reputable health insurance brokers do not charge the prospective client, instead, they charge the insurance companies that they represent. Various online health insurance brokers like Stride Health and Gravie are instrumental in assembling a variety of plans from different health insurance companies and they help you compare these policies from which you can choose your ideal self-employed health insurance.
• Choose the right health insurance company: There are a plethora of insurance companies that provide the best health insurance policies to self-employed individuals. Certain health insurance companies like Cigna and UnitedHealthcare cater to self-employed people by offering private health insurance plans. In fact, these companies offer a wide range of coverage options and price points for their prospective customers to choose from. However, you need to exercise caution while choosing the right insurance company and that requires research and time from your end.
• Opt for a high-deductible plan: One of the effective ways of securing an affordable self-employed health insurance policy is to opt for a health insurance with a high deductible. A deductible is that particular amount you pay before the benefits of the health insurance kicks in. Opting for a health insurance policy with a high deductible is a sensible strategy to cut the monthly premiums and save money. However, doing this will be feasible only if you are in good health or else it will result in more out-of-pocket expenditure.
• Consider health care sharing ministries: You can consider approaching the health care sharing ministries for an affordable self-employed health insurance. Since these are faith-based organizations, they distribute the cost of health care among their members to reduce the burden of medical bills on individual members.
• Use GoHealth: GoHealth is an excellent research tool that allows the user to check for policies and zero in on the perfect health insurance for a self-employed individual. All you have to do is enter your state, you and your family members’ details, and mention if you are a smoker or a non-smoker. After providing the required data, the website displays a list of health insurance providers and their rates and deductibles. This makes it possible for you to choose the right self-employed health insurance that is affordable and provides adequate coverage.
• Approach the Freelancers Union: The Freelancers Union is one of those organizations that are meant to help self-employed people by offering them budget-friendly plans and various other perks. This organization offers excellent health insurance options to its members. Moreover, this organization groups the member together in a bid to keep the costs lower than what they are in the individual market. What makes this a feasible option is that it is free to join, and you can immediately start looking for the right self-employed health insurance policies.
• Shop for plans every year: Contrary to popular notions, you need to shop for your self-employed health insurance every year. This is imperative since your medical needs and income are bound to change as time progresses, and your current self-employed health insurance might not be suitable for the changing health conditions. Moreover, competitors often come up with various policies to cater to different customers. So, ensure that you shop for health insurance plans every year.