Are you self-employed and in need of Alabama health insurance coverage? There are great Alabama health insurance options for freelancers, consultants, and entrepreneurs available today. Self-employed Health Insurance gives you flexibility if your income is difficult to predict, allows you to qualify for subsidies or tax credits if your income dips, and also enables you to modify your coverage when there is an increase in income. In addition, self-employed health insurance allows you to have room to look for the best plan for your individual circumstances without being stuck with an option that was pre-selected.
What About Coverage for Small Business Owners?
Small business owners in Alabama (including the self-employed) can utilize the Small Business Health Options Program (SHOP) exchange. This exchange is supported by the federal government and allows any business with less than 50 employees to shop online or utilize a broker to define the plan they would like their business to offer and allows an infrastructure for employees to then enroll for their benefits. There is no open enrollment and small business owners can set up plans at any time of the year.
Who Can Get Self-Employed Health Insurance?
If your income is through a business with no other employees whose income that you report at the end of the year via a W2 form, then you can enroll in self-employed coverage. There are multiple options for cost assistance available.
How Much Does Self-Employed Health Insurance Cost?
The cost of self-employed health insurance in Alabama can vary depending on the provider and healthcare plan you select. Your income will largely determine the cost of your monthly premiums. For example, there are some plans that only qualify people that have a low income. Some health insurance plans are flexible and allow you to change your plan according to your income levels, which may enable you to qualify for government subsidies that can help with the cost of coverage. There are also several cost assistance options.
Pros and Cons of Self-Employed Health Insurance
One change that the Affordable Care Act made is that it now allows monthly premiums to be a deductible line item on a tax return for someone that is self-employed. It is also beneficial to be able to have the flexibility to change income levels, which may qualify you for subsidies to help with the cost of coverage. That being said, this can be a double-edged sword. If business circumstances change in the opposite direction and you find yourself doing better than you anticipated, you must remember to update your income. With reporting a higher income, you risk paying a higher amount in monthly premiums.
What Is the Best Health Insurance If I’m Self-Employed?
Self-employment allows you to have a wide variety of options. Review your current coverage needs against what you qualify for in the state Marketplace as well as what you may be able to get from private health insurance companies.
How Do I Get Access to Self-Employed Health Insurance?
You can access Alabama self-employed health insurance through the federal marketplace by filling out the Health Insurance Marketplace application or by utilizing a private broker for assistance. There are several self-employed health insurance options available via private health insurance companies as well. See the list below of those companies who offer self-employed health plans in Alabama.
Which Companies Offer Self-Employed Health Insurance in Alabama?