Having recently become self-employed myself, one thing that has been on my mind a lot lately is health insurance. In fact, the first thing my dad said when I told him I quit my job was “What are you going to do about health insurance?”
Going without health insurance isn’t really an option these days thanks to Obamacare. So the self-employed have had to get creative about making sure they are covered. Here are five options the self-employed can consider for their health insurance coverage.
Remain on a Family Plan
Obamacare has really confused things in the last few years when it comes to health insurance. While the program doesn’t seem to benefitting the vast majority of the population in the United States, one group that is benefitting from Obamacare is young adults.
As a young adult myself, I’m lucky that I’m able to remain on my parents’ health insurance until age 26, even though I was eligible for my own plan through my employer when I was working there. Remaining on my parents’ plan didn’t cost them any extra because my dad still had to have the family plan to cover my mom and brother anyway.
But after my looming 26th birthday, I’ll have to find my own coverage.
Remain on an Employer Plan
When I separated from my former employer, one of the options available, thanks to COBRA, was to remain on its health insurance and pay the entire monthly premium out of pocket. This option was available for up to 18 months post separation from the company.
This is not a long-term solution by any means, but it will give you up to 18 months to find a better solution to finding health insurance.
Buy a Plan on the Open Market
If you are fairly young and in good health, buying a plan on the open market might not be too bad of an option. There are a lot of plans available on the market and depending on your chosen deductible, they may not be too costly. This is the route that the majority of people have taken to obtain health insurance if they were not covered by an employer.
Rely on a Spouse’s Health Insurance Plan
If you are a married person, you might be able to obtain health insurance through your spouse’s employer instead. This will likely be significantly cheaper than buying health insurance on the open market.
Health Care Sharing Ministries
The other option that many people forget about or don’t properly look into is obtaining health insurance through a health care sharing ministry. Health care sharing ministries are not exactly the same as having health insurance, but it is a good way around the rules of Obamacare.
Many health care sharing ministries are Christian oriented and based off the Bibical principle of sharing one another’s burdens, in this case the burden of health care.
There are several national health care sharing ministries to choose from, and in many cases the monthly membership cost of a health care sharing ministry is lower than the cost of buying a health insurance plan off the open market.
Navigating health insurance can be difficult for the self-employed, but these are all viable options to help you get the coverage you need.
As for me, I have a bit more research to do before I make my final decision about a long-term solution for health insurance.