Yes, if you’re self-employed, having health insurance is crucial. While it’s not legally required in most places, going without it can be risky financially and medically. Here’s why you should consider coverage and what options you have.
Why You Need Health Insurance
Protect Yourself from High Medical Costs – A single emergency or hospital visit can cost thousands of dollars. Insurance helps cover these expenses.
Access to Preventive Care – Routine check-ups, screenings, and vaccines can help you stay healthy and catch issues early.
Avoid Tax Penalties (In Some States) – While the federal mandate no longer applies, some states (like California, Massachusetts, and New Jersey) require health coverage.
Peace of Mind – Knowing you’re covered lets you focus on running your business without worrying about unexpected medical bills.
Health Insurance Options for Self-Employed Individuals
Marketplace Plans – The Affordable Care Act (ACA) offers individual health plans. You may qualify for subsidies based on your income.
COBRA Coverage – If you recently left a job with employer-sponsored insurance, you can keep your old plan temporarily (though it’s often expensive).
Health Sharing Plans – Faith-based or community health programs can be a lower-cost alternative but may have limitations.
Private Insurance Plans – You can buy a plan directly from an insurance provider, but prices vary.
Spouse’s Employer Plan – If your spouse has coverage through their employer, you might be eligible to join their plan.
Freelancer & Business Associations – Groups like the Freelancers Union or Chamber of Commerce offer health plans for self-employed individuals.
High-Deductible Health Plan (HDHP) with HSA – This option can save you money if you’re healthy and want to invest in a Health Savings Account (HSA) for future medical costs.