Health Insurance For Self Employed - By: Nick Gallo By: Nick Gallo All Articles → Nick Gallo is a CPA and marketer in the financial industry. He was an auditor for international companies and a tax accountant for real estate investors.
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Health Insurance For Self Employed
America's health insurance system is interfering with normal activities. In 2019, 55.4% of enrollees received coverage through their employer.
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If you are an entrepreneur or freelancer who is not eligible for Medicare or Medicaid, you will have to do a lot of extra work to find the best health insurance for your employer.
To help you get started, use this list of some of the best insurance companies for individuals. However, try not to buy plans directly from the company. Keep them in mind when searching on Healthcare.gov or your state marketplace.
📕 MUST READ: Not sure how this health insurance policy works for the self-employed? If so, check out our introduction to the process before reading further: How to Get Health Insurance While Self-Employed.
While the Affordable Care Act (ACA) created a national healthcare marketplace, plans are still specific to your state—even your zip code. After all, you should buy one based on service within driving distance.
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Therefore, it is not possible to recommend the best insurance policy for employees. It's very specific, and which one you choose depends on your state, your needs, and the quality of the network near you.
However, here is a list of insurance companies that offer better health coverage. They are the best place to start when shopping for plans.
Remember, these are just suggestions to help you start your search. These companies may have hundreds of plans in your state, and not all of them will meet your needs. Research the details before buying.
United Healthcare is one of the most popular healthcare providers in the country. They were founded in 1977 and within a few years became the largest health insurer in the United States.
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The health insurer, a unit of UnitedHealthcare Group, has a 14.1% market share in 2021.
They offer programs in all 50 US states and 130 countries. In 2020, their network has more than 6,500 affiliated hospitals and more than 1.3 million service providers.
If you are one of those itinerant freelancers who are hopping from state to state or planning to live abroad for a while, United Healthcare is a great company to work with. You don't have to worry about finding a new company every time you move to a new location.
From a financial standpoint, United Healthcare is strong. They have received an A financial strength rating and an A+ long-term credit report from AM Best in 2020.
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Unfortunately, their plans can be more expensive than similar offerings from competitors. As a quick measure, United Healthcare doesn't have an affordable silver health insurance plan in any of the 50 states.
With so many customers, it's no surprise that they also have customer reviews and satisfaction. UnitedHealthcare did not win any J.D. districts. Electricity Survey 2020, but just below four stars in Consumer Affairs.
Cigna is another giant in the health insurance industry. They have one of the longest records in the industry, having been in service since 1792. They are another provider with a huge market share, millions of customers and the largest network in the world.
Their most important influence comes from their emphasis on technology, simplicity and innovation. The industry has been moving toward intensive care since the pandemic, but Cigna's plans have long included 24/7 access to critical care.
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Beyond that, Cigna has a strong financial outlook. After all, they've been in business for over two centuries. Not surprisingly, A.M. Best gives them an A for financial strength, excellent.
Cigna's plan is also the cheapest. They operate in ten states, but they offer the cheapest silver plans on the market in three of them.
Speaking of which, their main problem may be that their health insurance plans are only available in a dozen states. Other than that, their customer reviews are mixed. It only gets 3.5 stars out of 5 from Consumer Affairs, but they do well in the J.D. study. Electricity survey, including first regional rankings.
Oscar is relatively new compared to many of the other companies on this list. They only started in business in 2012, but they've risen through stiff competition. It now has more than 250,000 members and a rapidly growing network of suppliers in nine states, with more on the way.
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Oscar's starting spot is a big part of what makes it so interesting. They're a young company with the firepower usually found on Meteor. They can provide:
Yes, their youth is a strength, but also their weakness. They don't have the decades-long track record of some of their competitors, which is completely new to A.M. They are the best for their money. Because it's so new, there isn't a company like United Healthcare in many states.
When it comes to price, Oscar programs tend to fall somewhere in the middle. They have affordable plans, but people may pay more for quality care.
Like Cigna, the self-employed may appreciate Oscar's dedication to technology and convenience. What is certain is that they will continue to innovate as they develop in the years to come.
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Kaiser Permanente is a unique brand on this list. Although they are an insurance company, they also own buildings and businesses. This integrated approach allows them to provide seamless referrals and provide the smoothest possible care delivery.
Kaiser also has a high level of customer satisfaction. They received a four-star rating in Consumer Affairs and were ranked #1 in five of the 21 regions surveyed by JD Power in 2020.
Their prices are also cheaper than they seem to be due to their number one service. They have the cheapest silver plans in four states and the third-best in the nation.
Kaiser's financial outlook is also high. With $6.4 billion in revenue in 2020, they have the seventh-highest market share despite operating on a small map.
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That said, here's Kaiser's only downside: It's only available in eight states. But if you live in an area they cover, the Kaiser plan may be the best option for you.
Last but not least, there is Blue Cross Blue Shield. They are another great company at a reasonable price. They are the best in all areas, so there is nothing to complain about when it comes to their service.
In addition to being a tool for all trades, it's also, on average, the cheapest option in the country. They offer the cheapest silver plans in nine states, the most in the nation. If you're looking for the best price, Blue Cross Blue Shield is where your search starts.
They also have an extensive national network, contracting with 96% of the hospitals and 95% of the services in the country. They operate in all 50 states and serve more than 100 million people worldwide. Most of them are in the other 170 countries where coverage is offered.
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They also received customer satisfaction ratings, ranking first in 7 out of 21 regions on JD.com. Electricity Survey. That's a third of the country, more than any of their competitors.
The only downside to Blue Cross Blue Shield is the potential for inefficiencies between branches. The issuing company is a consortium of 36 different companies. Quality and service can vary widely between them, so check their reputation in your state before doing business with them.
Employees do not have a single health insurance. This depends on your own circumstances, including your age, health, family and location. Use these hints to start your search if possible, but don't limit yourself if you don't have them near you.
If you find the process of finding your program overwhelming, don't be afraid to seek help from experts in the field. Local healthcare advisors can help you navigate complexities, make recommendations and answer your questions.
Ways To Get Health Insurance When You're Self Employed By Elianawilliam
📘 Find out more: Did you do your research before starting a full-time job? See our process guide to help you manage the other issues you'll face: How to start a business while working (and changing jobs) full-time
Nick Gallo is a Chartered Accountant and Salesperson in the financial industry. He has worked as an auditor and tax planner for international companies
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