Health Insurance

There are a few things that you should keep in mind when shopping for health insurance as a self-employed person. These include:  

Premium: Your premium is the amount you'll have to pay each month for your health insurance policy. You should look for a plan with a premium that fits your budget. 

Deductible: Your deductible is the amount you have to pay out of pocket before insurance begins to cover the cost. Plans with higher deductibles typically have lower premiums, and vice versa. 

Copays: Copays are the amount you have to pay out of pocket for a given service, like seeing a primary care physician. Look for policies with low copays when possible. 

Prescription coverage: If you have any prescription medications, look for a plan that covers them. In-network physicians: If you already have a doctor or physician you're happy with, you should make sure to see whether or not they're in-network for your new health insurance policy. 

For small businesses, providing health insurance to employees can be a significant expense. According to a 2021 Kaiser Family Foundation report, The average annual health insurance premium for small firms was: 

$7,813 for single coverage, of which employers contributed $6,485, or 83%. 

$21,804 for family coverage, of which employers contributed $13,737, or 63%. 

The report defined “small firms” as those having from three to 199 employees. Businesses with fewer than 50 employees are not legally required to offer health insurance, though 53% did so in 2020 — as did 48% of businesses with three to nine employees. While it can be costly, offering health insurance to your employees can help you stay competitive as a business, retain workers and take advantage of tax benefits. Here’s what to know. 

Businesses with fewer than 50 full-time equivalent employees may choose to provide health insurance to their employees using private plans. With the changes in the HealthCare Reform Act, it allows them to offer lower premiums than many employees while saving them a ton of money. Unlike other types of health insurance, you can shop for private at any time of the year.