Health Insurance Quotes And Plan Info For Self-Employed And Gig Workers

Posted on: 30 November 2021

Can you have insurance as a self-employed or gig worker? Even though you're the boss or the company you work for on a contract basis doesn't provide a health plan, you still need medical coverage. If you're not sure where to start, take a look at what you need to know about health insurance quotes and your options.

Do Self-Employed Adults and Gig Workers Really Need Insurance?

The Shared Responsibility Payment charge stopped in the 2019 insurance plan year. This means you won't owe a tax fee penalty for failure to purchase medical coverage (unless your state has its own separate mandate). Even though adults without insurance won't owe money, the end of the tax penalty doesn't mean you shouldn't buy a plan.

Healthcare coverage is important for everyone—even young, healthy adults. You never know when a sudden illness or accident-related injury could happen. Without coverage, you could get stuck paying hefty out-of-pocket expenses, such as hospital, doctor's office, surgical, physical therapy, imaging, or lab testing fees. 

Shouldn't An Employer Pay for Insurance?

Many American adults have health plans that are at least partially covered by their employer. But this doesn't mean everyone has an employer-paid/sponsored plan. Adults who work part-time hours are contract workers, or occasional employees won't qualify for most employer-paid plans. If you are your own boss, freelance, or work as a gig/contract employee, you will need to explore the insurance options on your own.

How Can You Buy Your Own Insurance?

The Affordable Care Act changed how self-employed and contract workers could buy health insurance. You can shop the Health Insurance Marketplace to find a plan that meets your needs. The Marketplace provides you with a way to see different options available in your area and compare health insurance plans and health plan quotes.

Which Plan Is the Best Choice for the Self-Employed or Gig Worker?

There's no universal answer to this question. The type of plan that works best for you depends on a few factors. These include:

  • Your budget. How much can you afford to spend on a plan's premium? The premium is the price you'll pay monthly for coverage. You can lower the premium by choosing a higher deductible plan. You can also lower the deductible by selecting a higher premium type of insurance coverage.

  • The deductible you want. Even though a higher deductible can save you money on monthly premium payments, it may not equal out over the course of a year. If you need medical care (for an illness, chronic condition, or injury), you may have steep out-of-pocket expenses with a high deductible plan.

  • Tax credits. Some adults qualify for tax credits, depending on their income and household size. These can help to save you money on higher-cost premiums.

You don't have to choose a health plan on your own. Talk to an insurance agent to learn more about your coverage options.

For more information on health insurance quotes, contact a company like Optimized Health Plans.