Health Insurance for Solopreneurs and Self Employed Professionals

Deciding to be fully independent has a lot of benefits, but it can also come with myriad of questions and uncertainties. One of them is Health Coverage, and it’s reasonable.

Who is considered Self-Employed?

You’re considered self-employed if you have a business with an income, but you have no registered employees. Examples are independent consultants, freelancers or independent contractors.

If you fit the description, you can use the individual Health Insurance Marketplace to enroll in an effective and flexible Health Coverage that works well for people who run a personal business.

What can I do?

Apply through the The Small Business Health Care Tax Credit Marketplace (SHOP) to see if you qualify for premium tax credits and savings based on income and household size. The SHOP program lets small employers with 1-50 employees offer affordable health and dental insurance year-round.
Check if you qualify for free/low-cost coverage through Medicaid or CHIP based on income, household size, and other factors.
Quickly check if your income range qualifies for savings.
Choose from various coverage options: low-premium plans for worst-case protection or higher-premium plans with lower out-of-pocket costs.

Marketplace Savings and Self-Employment Income

When applying for Marketplace coverage, you’ll estimate your net self-employment income for the upcoming year, not the previous one. This can be difficult for self-employed individuals to predict, we know!

You can estimate your self-employment income and expenses based on past experience (if you have), expectations, and general industry standards. If your income changes, it’s important that you update your Marketplace application promptly.

Frequently Asked Questions (FAQ)

What can I do if I lose my job-based coverage?

If you lose job-based coverage, you can qualify for a Special Enrollment Period, and that will allow you to enroll in a health plan outside the annual Open Enrollment. During Open Enrollment, you may even be able to start your coverage sooner.

What happens if I'm the spouse of someone who has a full coverage?

In this case, if your husband/wife’s plan covers spouses or dependents, you probably won’t qualify for premium tax credits and other savings on a Marketplace plan, and this can be an issue. If this isn’t the case and you’re not covered because of the plan’s policies, then you can buy a Marketplace plan for you and your dependents, but depending on your household income, you may qualify (or not) for a premium tax credit and other savings.

I have COBRA Coverage. What should I do?

If this is your case, your options are different during the Health Insurance Open Enrollment period and outside Open Enrollment. Please check out COBRA Coverage page for more details.

What if I change my mind and I want a full-time job in the future?

Nothing, because you can switch from your Marketplace plan to your employer’s insurance at any time. If you’re offered job-based coverage in the future, you generally won’t be eligible for premium tax credits or other savings on a Marketplace plan, even if you don’t accept the employer coverage. However, if the employer’s coverage is considered unaffordable or doesn’t meet basic standards, you may still qualify for savings on a Marketplace plan based on your income, so it depends.

Disclaimer

Beyond Health employs licensed insurance producers authorized to sell life and health insurance in Utah, Idaho, Wyoming, Colorado, Montana, and South Carolina. Our activities comply with state licensing requirements and partner carrier guidelines.

Product availability and enrollment options may vary by state. For more information or questions, please contact us directly.