Medical Insurance For Self Employed Individuals - By Nick Gallo Posted by Nick Gallo All posts → Nick Gallo is a certified public accountant and internal marketer for the financial industry. He has been an auditor of international companies and a tax accountant for real estate investors following:
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Medical Insurance For Self Employed Individuals
Health insurance in the United States is frustratingly traditional. In 2019, 55.4% of the insured received insurance through their employer.
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If you're a business owner or freelancer who doesn't qualify for Medicare or Medicaid, you'll have to do a lot of extra work to find the best self-employed health insurance.
To help you get started, use this list of the best insurance providers for people. Try not to buy plans directly from the company, though. Just keep that in mind when reading Healthcare.gov or your state's marketplace.
📕 Required Reading: Still Not Sure How All This Health Insurance Works For Self-Owned Businesses? If so, check out our guide to the process before reading further: How to get health insurance when you're self-employed.
While the Affordable Care Act (ACA) created a marketplace for health care, plans are still specific to your state — even your zip code. After all, you should buy one depending on the carrier within driving distance.
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Because of this, it is impossible to recommend the best health insurance plan for the self-employed. It's pretty clear, and which one you choose depends on your location, your needs, and the type of network closest to you.
Instead, here is a list of insurance providers that consistently provide high quality health insurance. They are the best place to start when buying a plan.
Remember that these are just suggestions to help start your search. These companies may have hundreds of projects in your area, and not all of them will suit your needs. Learn more before you buy one.
United Healthcare is one of the most recognized healthcare providers in the world. Founded in 1977, they have become the largest health insurance company in the country in just a few decades.
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A subsidiary of UnitedHealthcare Group, the health insurance provider has the single largest market share at 14.1% in 2021.
They offer programs in all 50 United States and 130 countries. As of 2020, their network boasts more than 6,500 affiliated hospitals and more than 1.3 million providers.
If you are one of those independent travelers who jump from country to country or even plan to live abroad for a while, United Healthcare is a great company to use. Whenever you move to a new place, you don't have to deal with finding a new service provider.
From a financial perspective, United Healthcare is strong. They received a financial strength rating of A from AM Best in 2020 and A+ for their long-term issuer credit rating.
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Unfortunately, their plans can be more expensive than equivalent offerings from their competitors. As a quick measure, United Healthcare does not have the cheapest health insurance plan in the 50s.
With such a large customer base, it's no wonder they have great customer reviews and satisfaction levels. UnitedHealthcare did not score any points in the 2020 JD Power Survey, but they did rank one in four stars on consumer affairs.
Cigna is another titan in the health insurance industry. They have one of the longest records in the business and have been serving since 1792. They are a service provider with a significant market share, millions of customers and a large network.
Their special appeal comes from their emphasis on technology, simplicity, and innovation. The entire industry has shifted to care since the pandemic, but Cigna's plans have included 24/7 access to real care for a long time.
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In addition, Cigna has a strong financial outlook. After all, they can be in business for more than two centuries. Not surprisingly, A.M. The best they have is a Money Power Rating of A, which is good.
Cigna's plans are also on the more expensive side of the spectrum. They only operate in 12 states, but they offer the cheapest financial plans on the market in three of them.
That being said, their biggest problem is probably the fact that their health insurance plans are only available in 12 states. Additionally, their customer reviews are also included. They only have 3.5 out of 5 stars from Consumer Affairs, but they did well in the JD Energy survey, including first place in the region.
Oscar may be relatively new compared to many other companies on this list. They only started doing business in 2012, but they have risen to the top of the competition. They currently have over 250,000 members and a rapidly growing network in 9 states, and more.
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Oscar's original appearance is an important part of what makes them stand out. They are a young company and have the fire that often accompanies a meteoric rise. They can provide:
Indeed, their youth is their strength, but also their weakness. They don't have the decades-long track record of their competitors, and they're relatively new to A.M. It is best to measure their income. Because they are new, they don't have as many locations as providers like United Healthcare.
Oscar projects also tend to fall somewhere in the middle of the pack when it comes to price. They have affordable plan options, but members can pay more for better care.
Like Cigna, self-employed individuals may appreciate Oscar's commitment to technology and simplicity. No doubt they will continue to innovate as they grow in the coming years.
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Kaiser Permanente is a unique entry on this list. Although they are insurance providers, they also have their own facilities and service providers. The integrated system allows them to provide seamless delivery and provide the smoothest access to care.
Kaiser also has a high customer satisfaction rate. They were rated four stars in consumer affairs and ranked 1 out of 5 out of 21 states in the 2020 JD Power Survey.
Their prices are also more affordable than it seems they should be, due to their premium services. They have the cheapest plans in four states, which is third in the country.
Kaiser's financial outlook remains high. They finished 2020 with $6.4 billion in revenue, and they ranked seventh in market share even though they operated in a very small area.
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That said, that's Kaiser's only downside: They're only available in eight states. But if you live in an area they cover, a Kaiser plan may be your best option.
Last but not least, there is Blue Cross Blue Shield. They are another giant company with fair value. They are among the best in almost everything, so there is not much to complain about when it comes to their service.
In addition to being a jack of all trades, they can also be the most expensive option in the world, on average. They offer affordable financing plans in nine states, which is the most in the country. If you are looking for the best price, Blue Cross Blue Shield is the place to start your search.
They also have one of the largest corners in the country, contracts with 96% of hospitals in the country and 95% of providers. They have experience in 50 states and serve more than 100 million members worldwide. Most of them are in some 170 countries where they provide information.
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They also received strong customer satisfaction scores, coming in at No. 7 out of 21 regions in a JD Power survey. That's a full third of the country, and more than their competitors.
The only disadvantage of Blue Cross Blue Shield is the ability to dispute between branches. The service provider is a conglomerate consisting of 36 different companies. Their quality and service can vary greatly between them, so check the reputation in your area before doing business with them.
There will never be better health insurance for the self-employed. It always depends on your personal circumstances, including your age, health, family and location. Start your search with these tips if possible, but don't limit yourself if they aren't available near you.
If you find the process of finding your plan overwhelming, don't be afraid to get help from an expert in the field. A local health advisor can help you find problems, give advice, and answer your questions.
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📘 Learn more: You're doing your research before turning it into a full-time business. ? Check out our how-to guide to help you navigate some of the challenges you'll face: How to Start a Business While Working Full-Time (and Changing Your Job)
Nick Gallo is a certified public accountant and an insider for the financial industry. He was an international corporate auditor and tax accountant for
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