How To Get Affordable Health Coverage As A Freelancer

Freelancing is the dream most of us have when we’re stuck in our cubicles, daydreaming about the freedom to work anywhere and anytime. But, while freelancing can be rewarding and exhilarating, it also comes with its own unique set of challenges:

You’re responsible for getting your own health insurance, you don’t always know where your next paycheck will come from (or how big it will be), and you may not have access to employer-sponsored retirement savings plans or other benefits.

Fortunately, there are ways to mitigate these challenges and still enjoy all the perks of being a freelancer. I asked certified financial planner Carl Richards to share his best tips on overcoming the financial hurdles that come with this lifestyle choice. Here’s what he had to say…

Episode 2. How to Get Affordable Freelancer Health Insurance

Takeaways
1. Understand Health Insurance Options: Explore various health insurance plans available for freelancers, such as individual plans and family plans. Compare their coverage, costs, and benefits to find the best fit for your needs.
2. Utilize Health Insurance Marketplaces: Check out Health Insurance Marketplaces for potential subsidies and financial assistance that can make coverage more affordable for freelancers.
3. Enroll During Open Enrollment Periods: Be aware of the open enrollment periods, typically from November 1 to December 15, to sign up for health insurance without qualifying life events.
4. Consider Short-Term Plans: Short-term health insurance plans can provide temporary coverage during gaps in freelancing or until you find a more permanent solution.
5. Seek Professional Advice: Consult with insurance professionals or experts to gain valuable insights and make well-informed decisions about your health coverage options.

Table of Contents

Be Open To Joining Insurance Pools

There are a few options here. The first is to check with your state’s insurance department and see if they have any tools available that you can join. If so, ask what the requirements are to be considered as a member of the pool.

For example, some states require members to have been without coverage for at least six months before joining a pool; others don’t set such limits on how long it has been since you’ve had health care coverage.

Once you know whether or not there are any pools in your area, head over to the Affordable Care Act (ACA) marketplace website or its successor site the Health Insurance Marketplace to find out what kind of plans are available and how much they would cost on average.

These sites also list various payment plans from different providers within each state so that consumers can choose which company offers them the best deal based on price and quality standards for their specific needs.

You may also want to look up “Health Insurance Marketplace” (HIM), which was formerly known as Healthcare Bluebook until 2015 when it rebranded due to confusion between HIM and another similar organization called ValuePenguin Health (which provides information about insurance plans).

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Consider Short-Term Healthcare Plans

Short-term health insurance plans are another option for freelancers. These plans offer less coverage, but they’re much more affordable.

For example, short-term policies can cost as little as $30 per month with a $75 copay for office visits and drug costs a fraction of the price of traditional health insurance plans.

However, short-term plans have their limitations: They generally last only 12 months and often exclude pre-existing conditions or charge you more if you develop one during the policy period (though some states do not allow insurers to deny individuals with pre-existing conditions).

Additionally, these policies typically only cover preventive care services such as well visits and immunizations; they don’t cover things like hospital stays or prescription drugs unless otherwise noted on your plan’s benefits guide.

Consider Catastrophic Health Insurance Plans

Catastrophic health insurance plans are typically nongroup, meaning they’re not purchased through your employer.

They’re also known as “high-deductible” or “limited-benefit” plans they don’t cover many types of care and only kick in after you’ve spent a certain amount out of pocket.

Catastrophic health insurance plans are usually less expensive than other types of coverage because they have lower premiums and deductibles.

You may want to consider one if you already have some kind of high-deductible plan from an employer, or if you can’t afford more comprehensive coverage on your own.

If you buy a catastrophic plan through Healthcare.gov or another government exchange, there’s no open enrollment period like there is with other policies; instead, you can purchase one anytime during the year (but before the deadline).

In addition to private marketplaces like HealthCare.gov/VirginiaHealthOptions and eHealthInsurance, here are some other places where you can find these policies:

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Get High Deductible Plans

There are two main types of health insurance plans: high deductible plans and low deductible plans. High deductible plans usually have lower monthly premiums, while low deductible plans usually have lower out-of-pocket costs.

One important thing to note is that the higher your monthly premium, the lower your out-of-pocket costs are likely to be. In other words, if you’re willing to pay more each month to keep your out-of-pocket expenses down, then this might be a good option for you.

The average national average for premiums across all levels is $200 per month; however, this can vary greatly depending on where you live (in some areas it may cost upwards of $300 per month).

If that’s too much for your budget and if paying an additional $100-$150 per month seems like too much as well you’ll want to consider getting enrolled with a high deductible plan instead of something else entirely (like an HMO or PPO).

Save More Money With A Health Savings Account (HSA)

If you’re a freelancer, you know that health insurance is essential to keeping your business afloat. But if you’re like most Americans, paying for it can be a real struggle. That’s where HSAs come in.

HSA stands for a health savings account, and it’s a type of tax-advantaged savings account that can help lower your out-of-pocket costs when it comes to medical expenses it’s an especially good option if you have a high-deductible health plan (HDHP).

It works by combining the flexibility and control of traditional savings accounts with the tax benefits of employer-sponsored plans.

Because they’re both flexible and easy to use, HSAs are growing in popularity among self-employed people across all industries.

And they’re becoming especially popular among freelancers working on their own because they don’t have an employer offering them other options. If this sounds familiar (or if this is something that interests you), read on!

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Choose Generic Medications And Save Money On Certain Prescriptions By Shopping Around At Different Stores

It’s important to note that generic medications are usually cheaper than brand-name medications, so if you have a prescription that needs refilling, check whether your doctor will prescribe a generic version instead.

You can also save money by shopping around at different stores and using a mail-order pharmacy.

The good news is that it’s not hard to find the best price for generic medications, as long as you know where to look. Here are some tips:

Compare prices at local pharmacies before making any decisions about who will fill your prescription for you.

If more than one store offers competitive rates on the same medication, call each one and ask them how much it would cost for your specific drug you may find out that you can save even more by going somewhere else!

Check out websites like GoodRx or HealthWarehouseDirect that offer coupons and discounts on name-brand drugs (and sometimes even over-the-counter products).

These sites will let you know if there are deals available whenever they partner with other retailers or manufacturers who want customers in their area;

Though these deals won’t apply everywhere across America right now because this new law hasn’t been implemented yet everywhere either.

Look Up Medication Costs Before Your Doctor’s Appointment So You Don’t Get Any Surprises During Checkout

Look up the cost of the medication. If you have insurance, this step is a must. Even if it’s not an expensive drug, it’s better to know how much your copay will be before your appointment so that you can budget accordingly.

Ask if there are any coupons or discounts available. Many times, pharmacies offer coupons and discounts for certain medications that make them less expensive than their brand-name counterparts (or even free!).

Be sure to ask about these options when getting a prescription filled at your pharmacy.

Ask if the doctor will prescribe a generic version of the medication instead of a brand-name one and see how much that would save on costs!

Sometimes generic drugs don’t work as well as name brands do but other times they’re just as effective while being less expensive to buy over time because they’re cheaper per dose purchased (i.e., 100 pills versus 20 pills).

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Check For Discounts Or Coupons Online For Non-Prescription Needs Like Vitamins And Supplements

Check for discounts or coupons online. Use your computer to search the web for non-prescription needs like vitamins and supplements.

Sites like Groupon, LivingSocial, and RetailMeNot often have discount offers available to print out on their websites or through email newsletters.

You can also try checking the manufacturer’s website directly some companies offer special coupons on their products only available by going straight to them.

Look in the Sunday circulars. If you get one of those newspapers that prints all the sales ads from other retailers in your area, check it for coupons as well!

Not only will this help you save money on health care services that are not covered by insurance, but it may also allow you access to a better deal than what’s being offered online (or at least provide peace of mind that you got everything possible).

Look through mail catalogs and magazines from stores selling vitamin supplements or herbal remedies; many companies send out these publications with discounts included inside if they think someone might be interested enough in their product(s) based on previous purchases made by family members who live within driving distance from where we live right now too…

Avoid Medical Bills With Telemedicine Services

You may be able to avoid medical bills by using telemedicine services. Telemedicine is a way to get medical care from a doctor online or over the phone.

It’s particularly useful for people who are unable to travel to see their regular doctor in person because it allows you to connect with physicians at different locations around the country at any time of day or night.

The most common use of telemedicine is for receiving an initial diagnosis after talking with a physician online or over the phone.

For example, if you’re concerned about some symptoms you’ve been experiencing but don’t know how serious they might be, having them diagnosed by an MD can save both time and money.

And help prevent further complications down the road that could result in even higher bills if not caught early enough (which they often aren’t).

Telemedicine can also be helpful when seeking out second opinions on diagnoses;

Often people will want another opinion on what’s wrong with them before undergoing treatment so that they can be sure about their choice of the treatment plan (especially since modern medicine has become so specialized).

Try Out Online Therapy Instead Of In-Person Therapy

There are pros and cons to in-person therapy, but one benefit of online therapy is that you can schedule sessions whenever it’s convenient for you.

That means you don’t have to take time off from work or wait until your therapist has an open slot.

With their flexible schedules, many therapists are willing to offer discounts too and if they’re not currently taking clients through a particular platform, they may be able to refer you elsewhere.

Benefits: Convenience, Lower Cost

With that said, some people prefer face-to-face communication over video chats and instant messages.

If this sounds like something that could help motivate you in your recovery process, then by all means go with in-person treatment! It just might take longer than the average online session before feeling like yourself again (or ever).

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Conclusion

If you’re a freelancer or self-employed, you probably know the feeling of being overwhelmed when it comes to your health insurance. You don’t have an employer to help with coverage and costs. Instead, you have to figure everything out on your own.

That can be a lot but there are plenty of options for getting affordable health coverage as a freelancer. In this post, we’ll cover how to get started and what you need to know about various options for health insurance when you don’t work for someone else.

Then we have get into some specific recommendations on how best to go about getting insured before looking at any potential alternatives which might be worth considering if nothing else works out well enough.

Or suits your needs properly yet because they often cost less money overall while providing similar benefits etcetera (and so forth).

FAQs

How does health insurance for freelancers differ from traditional employment coverage?

Freelancers usually need to seek health insurance independently, whereas traditional employees often have employer-sponsored health plans.

Can I get subsidies or financial assistance for health insurance as a freelancer?

Yes, depending on your income and other factors, you may be eligible for subsidies or financial assistance through the Health Insurance Marketplace.

What types of health insurance plans are typically available for freelancers?

Freelancers can choose from various health insurance plans, including individual plans, family plans, high-deductible plans, and short-term plans.

Is there a specific open enrollment period for health insurance plans?

For most freelancers, the annual open enrollment period for health insurance plans is from November 1 to December 15. However, certain life events may qualify you for a special enrollment period outside of this time frame.

How can I determine which health insurance plan is best suited for my needs as a freelancer?

When selecting a health insurance plan, consider factors such as your budget, healthcare needs, preferred doctors and hospitals, prescription coverage, and potential out-of-pocket costs. Comparing different plans and seeking advice from an insurance professional can help you make an informed decision.

Costantine Edward

Costantine Edward is a digital marketing expert, freelance writer, and entrepreneur who helps people attain financial freedom. I’ve been working in marketing since I was 18 years old and have managed to build a successful career doing what I love.