Self-Employed individuals face quite a unique set of health insurance issues. For one, they don’t have an employer to give them group health insurance coverage and neither can they share in the cost of premiums. Self-Employed people are solely responsible for searching for and paying for their own health insurance coverage.
While this can seem like an extremely daunting task, there is such a thing as self-employed health insurance which can help these individuals prevent a significant loss of business or personal assets should unexpected medical issues arise.
To be eligible, your income needs to come via a business that doesn’t have any other income-reported employees on your W2 form.
The good news is that there are numerous cost assistance options available to select from.
If you are self-employed and run a business, you are also not left out. All you have to do is register as a small business and use the SHOP exchange to get a policy that is made just for you.
One thing you should note is that the cost of self-employed health insurance in North Carolina varies depending on the type of plan you choose and of course, your provider.
How much you pay as monthly premiums is wholly dependent on your income. For instance, there are certain plans that are only available to individuals with a low income.
Self-Employed health insurance policies are also flexible enough for you to switch your plan to suit your income levels. This also means that you may be eligible for government subsidies which can help lower the cost of coverage.
Just as with family and individual health insurance plans, self-employed health insurance coverage comes with various plans you can select from. They include:
Self-Employed health insurance can be affordable, as there are some plans that work alongside HSAs or Health Saving Accounts. HSAs let self-employed individuals save money tax free till it is required for healthcare. Should the money kept in the health savings account not be needed for any medical costs during self employment. It can become available to be used without any penalty or restriction during retirement.