The majority of non-elderly Americans receive their health insurance coverage from an employer. However, self-employed individuals who run a small business or are employed by a small business need to find another way to get health insurance coverage.
The great news is that self-employed health insurance, just like individual and family plans, can be purchased using the insurance marketplace.
In November 2016, after a couple of years of using a state-based enrollment system, Hawaii switched to the federally run health insurance marketplace. This means that every plan is ACA-approved.
At this point, two insurers provide self-employed health insurance plans in Hawaii, HMSA and Kaiser.
There are numerous health insurance options for consultants, entrepreneurs, and freelancers in Hawaii today. Most people choose self-employed health insurance as it provides them with flexibility that matches their income's unpredictability.
With a self-employed health insurance plan, you can apply for tax credits or subsidies should your income dip. You can also modify your insurance coverage when your income picks back up. Additionally, self-employed health insurance plans give you enough room to search for the best plan that suits your needs without getting stuck with a pre-selected plan.
According to the Affordable Care Act, self-employed individuals are sole proprietors without employees or independent contractors. These individuals simply have to head over to the Healthcare.gov site to sign up for the best self-employed health insurance plan for you.
If you have employees, typically workers with the income you report on a W2 every end of the business year, you are considered an employer. In this case, you will have to buy health insurance for yourself and your employees using the SHOP Marketplace.
Types of Small Business Health Insurance Plans
Considering that there are numerous plans and terms, finding the plan that best suits you can be difficult, to say the least. That is why we at Very Good Coverage have decided to help you take the guesswork out of health insurance shopping. All you have to do is fill out the required information plus your health insurance preferences, and you get a quote for a plan that best suits you.
We can be reached at firstname.lastname@example.org
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