Self-employment has gradually increased over time. Independent professionals have set up their practice, providing services and selling products individually. One of the perks of working with a corporate organization is insurance coverage. Most employers are responsible for a large percentage of the employee's insurance. Entrepreneurs have to carefully choose the best health insurance for independent contractors.
Insurance Options For Self Employed Individuals
There are different insurance options suitable for independent contractors. Sometimes being able to choose an appropriate flexible plan may work better for entrepreneurs than whatever plan that would have been provided by employers. These are some of the best health insurance for independent contractors;
COBRA Health Insurance Plan
This is a short-term plan for new independent workers. If your job has recently been terminated, COBRA insurance makes it mandatory for your employer to continue covering your health insurance for about 18 months. If you have started your business within this period, your former employer will still keep providing health benefits.
You can take advantage of this period to look for other insurance options that will perfectly suit you as a self-employed citizen. Your former employer may not be responsible for your health insurance within this period if only you were terminated due to a very serious offense. This insurance plan is great for people who just left the corporate scene and need a little term to adjust as an individual contractor.
The government has provided a health insurance plan for low-income earners. To be eligible for Medicaid, there is a certain income range you must earn. If you have not started earning enough from your business and cannot afford an insurance plan, or you have minors depending on you, you can check if you are qualified for this health insurance plan or if they also qualify for a government-sponsored health insurance plan.
Most organizations provide health insurance for both their employees and their families. If your partner works in a company that provides insurance, you can be added to their plan and enjoy an indirect coverage. Most states and organizations have rules that determine the eligibility of a partner, however, a partner's plan is a common health insurance for independent contractors.
This involves buying health insurance plans directly from insurance companies. This is a highly flexible insurance plan. You can add or remove the insurance options available and streamline the package to the coverage that is perfect for you and your family.
Small Business Insurance Plan
This is one of the best health insurance for independent contractors. If you have a business partner or employee, intern, or your spouse working with you, a small business insurance plan is a good option. Depending on state rules, you can even be eligible for a small business plan without any business partner or assistant.
You need to consult a professional and affordable insurance provider to know the best health insurance for independent contractors that will fully meet your insurance coverage needs.
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