When you finally cut the corporate umbilical cord and start working for yourself, you gain a level of freedom and independence that can make you feel a little giddy. But there’s one corporate benefit that you’ll want to replace sooner rather than later, especially if you have a family. Health insurance is essential if you want to protect everything you’re working so hard for, but finding an affordable plan can be tricky. With health insurance now mandated by the Affordable Care Act (ACA), many will turn immediately to a state-run or the federal marketplace, but this isn’t necessarily the best way to find the least expensive and most appropriate option. Here are four other options for finding an affordable health insurance plan that’s right for you.
1. Oscar
The new healthcare portal Oscar lets you shop for a doctor or communicate with a doctor immediately. With tens of thousands of doctors in New York and New Jersey, members can save on the top doctors and hospitals in their neighborhoods. They can also get free checkups, flu shots, generic drugs, and other preventive care without a referral. Oscar then tracks visits, prescriptions, and lab work in a timeline. Oscar is getting positive reviews for its focus on the member experience, and is in the process of applying to operate in California for the 2016 individual exchange.
Pros: Focus on a positive member experience. Cost benefits.
Cons: Currently available only in New York and New Jersey but planning expansion
2. Freelancers Union’s National Benefits Platform
The Freelancers Union is a nonprofit organization supporting 53 million (and growing) independent workers in the U.S. The organization connects independent workers to group-rate benefits, resources, a community, and political action to improve their lives.
The Freelancers Union’s National Benefits Platform provides a curated selection of health insurance options. The Freelancers Union also launched its own social-purpose insurance company in New York. Freelancers Medical has a full suite of traditional health services as well as free yoga, meditation, and even professional development and networking classes. The Freelancers Union is planning to scale this model across the U.S. An important advantage of the Freelancers Union approach is that there are no outside investors pushing a short-term economic agenda that can lead to unnecessarily high costs.
Pros: Socially aware medical plan that gives individuals access to healthcare at group rates.
Cons: Currently available only in New York but planning expansion.
3. National Association for the Self-Employed
Founded in 1981, the National Association for the Self-Employed (NASE) is a nonprofit organization offering entrepreneurs and small business owners of resources and tools to help them run their businesses successfully. Through the consolidated buying power of NASE, members can cut costs healthcare insurance plans, for legal help, home office insurance, and more.
NASE provides access to health insurance through USHealth Group. The insurance is underwritten by Freedom Life Insurance Company or America and National Foundation Life Insurance Company
Pros: NASE is a well-established organization.
Cons: Must be a member ($120/year) to get details on health insurance plans. Online reviews are inconsistent.
4. eHealthInsurance
eHealthInsurance is a health insurance portal. Through a number of partnerships, the company enables users to find, compare, and buy individual, family, small business and Medicare health insurance. Licensed agents are available to provide personalized assistance 24 hours a day, 7 days a week over the Internet, telephone, email, fax or online chat. The portal can also connect people to public assistance programs.
Pros: Relationships with many insurance providers. Many positive reviews.
Cons: Some of the insurance companies charge a non-refundable application fee.
While the options above can simplify the purchasing process for a healthcare plan, there’s simply no substitute for doing your own research. Ask other self-employed workers what coverage they have. Talk to brokers and agents (without making any commitments) to see what they have to offer. Visit the websites of the major providers in your area. Understand what assistance programs you may qualify for, such as Medicare, Medicaid, and CHIP (the Children’s Health Insurance Program). Finally, read reviews of whatever options you are considering.
If you think that doing all this research represents too much work, keep in mind that health insurance really equals peace of mind. If you know that you and your family can get the necessary care when illness or injury strike, you’ll sleep easier and be able to stay more focused on running your business.
If you’ve had a positive experience finding a healthcare plan as a self-employed worker, please share your experience in the comments below.
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