Now that fall is here and overcoat season is lurking around the corner, the chances of finding yourself sitting in the doctor’s office are pretty high. The thought of being crammed into a waiting room with a bunch of folks who are also feeling under the weather is enough to give anyone anxiety—and for many freelancers, this is only the beginning of the angst associated with flu season.
For many full-time freelancers, the true gut-wrencher is heading into flu season without adequate health insurance. With 20% of full-time freelancers completely uninsured and another 30% forced to navigate the market on their own, a large portion of the contingent workforce is left without the best coverage. We know that good health is one of the most important psychological factors of being able to do great work, and keeping your wallet from taking an expensive monthly hit on payments and steep deductibles is definitely an added bonus. We want to help make sure that you have the coverage you need before cold season hits this year.
A couple of things that you may not be aware of…
It’s important to note that there’s a penalty for not having any kind of health insurance. As of 2016, the penalty is either 2.5% of household income or $695 per adult and $347.50 per child under 18, and you end up paying whichever of the two is higher. It’s also good to note that these numbers increase with inflation, so if you’re part of the 20% without insurance – you should probably start thinking about getting a policy. For anyone earning under $45,000 (for an individual) or $94,200 (for a family of four), there’s a chance that you’re eligible for a subsidy or a tax credit towards your health insurance. You can also use Healthcare.gov to see what exactly you are eligible for.
Pick the plan that’s best for you
Finding affordable health insurance in the individual market can be a nightmare, to say the least. Luckily, companies are starting to make finding quality plans at a decent price a lot easier for the folks in the individual market. Healthcare.gov is a great search tool that freelancers can use to find plans that best fit their needs. After running through their quick questionnaire, they’ll provide you with a list of recommended plans that are best for you.The Freelancers Union has done a great job at putting together affordable health plans for freelancers as well. You can also check out healthcare.gov to see what’s available in your state’s health insurance marketplace and the federal exchange.
“Set it and forget it”
Most freelancers experience fluctuations in their income that can make it really hard to make monthly payments for a health plan. The best way to stay on top of monthly payments is to calculate a fixed percentage that you can set away to make sure you’re covered for your payments. Even better, set up a bank account that will set this percentage of your income away before it hits your everyday account so you’re a lot less likely to spend it. According to an Etsy white paper published earlier this year, individuals are much more likely to save and fund their benefits if they are automatically enrolled into a payment system that allows them to “set it and forget it”. This basically means that we are a lot more successful at regularly making our monthly benefit payments when the money is automatically separated from our income.
All in all, this is the time of year where your health can take a pretty big hit. There’s no need to be extra stressed trying to make sure you have the right coverage or support if you, or someone in your family, gets sick. Stay on top of your health care coverage before you have a problem so you can focus on getting back to tip-top shape and keeping your clients happy at the same time.
Have any pro healthcare tips tips for fellow freelancers? Please share in the comments below!
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