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According to the National Federation of Independent Business, the #1 concern for small business owners is having access to affordable health insurance.1 If you are a one-person business shopping for self-employed health insurance, there are a few things you should know before choosing a plan.

How Do I Get Health Insurance If I Am Self Employed?

If you are the only employee of your business, you probably don’t qualify for group health coverage. Plans on the Affordable Care Act marketplace are available to purchase for you and your family during the annual Open Enrollment Period each fall.

In 2021, eligibility for tax premium subsidy that reduce premiums were expanded.2 That means that if you previously did not qualify for a tax credit that lowers your monthly costs before, you may be eligible now. Take the HealthMarkets health insurance questionnaire on our shopping page to see if you may qualify.

What About Self Employed Health Insurance If I Have Employees?

If you have between 1 and 50 employees, you may qualify for a Small Business Health Options Program (SHOP) Marketplace plan. Like ACA individual and family plans, there are levels of coverage—bronze, silver, gold and platinum—that vary based on the percentage of coverage paid by the employee. You also have the option to add dental coverage.

To qualify for a SHOP plan, you must have:3

  • 1 to 50 full-time employees
  • Offer health coverage to all full-time employees
  • Enroll at least 70% of employees who are offered a plan
  • Have an office or work site in the state the SHOP plan is offered

If your business has fewer than 25 full-time employees, you may also qualify for a Small Business Health Care Tax Credit that lowers SHOP plan premiums.4 Talk to a licensed agent about whether a SHOP or other small group plan is right for your business.

How Does HealthMarkets Help the Self-Employed Find Health Insurance?

If you are looking for self-employed health insurance, HealthMarkets offers some free services to help you explore your health insurance options. If you are looking for an Affordable Care Act plan, you can shop with us online. If you want to discuss your small business options, please call (844) 608-0116 to get started.

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References

1. National Federal of Independent Business. August 19, 2020. Retrieved from https://www.healthcare.gov/small-businesses/learn-more/self-employed/. | 2. Congressional Budget Office. February 17, 2021. Retrieved from https://www.cbo.gov/system/files/2021-02/hwaysandmeansreconciliation.pdf. | 3. Healthcare.gov. Retrieved from https://www.healthcare.gov/small-businesses/choose-and-enroll/qualify-for-shop-marketplace/. Accessed March 17, 2021. | 4. Healthcare.gov. Retrieved from https://www.healthcare.gov/small-businesses/choose-and-enroll/shop-marketplace-overview/. Accessed March 17, 2021.

Disclaimer: Agents may be compensated on enrollment.

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