Health Insurance for the Self-Employed
We have spent some time recently understanding what limited options are available for the self-employed, the sole proprietor, and professional. It has been an interesting journey, to say the least.
Years ago, there is a Blog which discusses how Illuminate was able to participate in the local Chamber of Commerce business health care insurance plans. It came with a price, having to buy an annual membership to the organization, paying for using a credit card, and paying well beforehand for every payment. It was not ideal.
With the recent relocation to Jamestown, NY, we investigated the New York State Health Insurance Marketplace. We found that we were able to upgrade the plan we chose, pay less for the upgraded plan than the plan through the previous local chamber, had up until the first of the month to make that month’s payment, and, most notably, are not charged a fee for using a credit or debit card or direct debit to a bank account. We also then did not need the annual $249 chamber membership fee. All in all, using ‘the marketplace’ was economically beneficial to us.
If you search for who the participants are in the Affordable Care Act marketplace, you should see the self-employed or small business owners included in the answer. Most of the small business professional clients we have worked with over the years use the marketplace. If they have a spouse who has heath insurance that can cover them, they take that option. But if they do not, the marketplace is their sanctuary. It is now ours. Our own experience has been fairly positive so far.
Of course, as it seems for all plans throughout the country, you can only sign up during the Annual Enrollment Period, many running from November - January. There are exceptions such as certain life events, marriage, divorce, birth of a child, to name a few. If you move or relocate beyond the current geographic region where your existing health provider does not offer coverage, this may also qualify you to sign up outside of the Annual Enrollment Period. Call your health insurer or your State Marketplace directly to understand your options if you move, change jobs, or have a life event. They will guide you based upon your particular circumstances.
We all need health insurance. You can sign up directly with a Health Care Insurance Provider, call a Health Insurance Agent who specializes in this type of insurance, ask your payroll provider if they have any programs, call your local Chamber of Commerce to see if they offer plans for your firm to participate in, or use your State Marketplace established under the Affordable Care Act.
As we end all our Blogs, Be well. Without your health, everything else may be a challenge.
