Self Employed Health Insurance

It's open enrollment season....

According to Forbes nearly 30% of Americans are self employed and that number is on the rise with a gig economy. I'm researching my own options for 2021 and wanted to open this conversation up for others in similar positions to learn from and help each other out. Check out the article from Investopedia for an initial roundup of some options I found. The 6 Best Health Insurance for Self-Employed in 2020

There are plans via the marketplace, private plans through the big players like BCBS, United and Cigna. PPO's/HMO's/HSA's/FSA's all have their pro's and con's depending on financial, personal and medical situations. I used to work as a benefits manager and resource for employees so send me a message if you need help understanding any basics.

Currently I'm on a marketplace PPO plan with BCBS - well next year the premium is going up to $407/month - ummmm no way. I found more affordable options with United that work for me. They also have short term month to month plans if you are in transition.

What are other contractors out there doing to find affordable premium options?

It's so complex and not a user friendly space, let's help each other!

Quick terminology to start:

PPO Plans - broad network of coverage, usually higher premiums

HMO - limited network, need referrals, less expensive premiums

HSA/FSA - different types of tax free medical savings accounts

Premiums - what you pay monthly for your coverage

Deductibles - what you have to pay out of pocket before insurance kicks in