Health insurance agent, Michelle Bungo, explains short and long-term healthcare options for the self-employed.
CORAL SPRINGS, FL / ACCESSWIRE / October 23, 2019 / When people are looking for a job, they are also looking into the benefits it offers. Being your own boss means having a flexible schedule and pursuing passionate work. It also leaves you to figure out things like health insurance all on your own. Health insurance agent, Michelle Bungo, walks you through different ways to get good coverage while being self-employed.
For those who are only planning to be self-employed for a short period, there are still health insurance options available to you. It's essential to avoid gaps in coverage in the event of a serious catastrophe or emergency.
If you would like to continue the health insurance plan you had with your employer, Michelle Bungo recommends using COBRA health insurance. The cost per month will increase since the employer is no longer paying for a percentage of the bill. However, this route can be used for up to 18 months.
For those who are interested in saving money over convenience, Michelle Bungo suggests looking into short-term insurance. This option is suitable for a three month period of time and offers low monthly premiums. A short-term policy may not cover pre-existing conditions and could have high out of pocket costs.
Another option is to look into industry-specific insurance plans that can be found through things like unions of alumni groups. Group plans can sometimes provide better coverage at a lower rate. However, always read the fine print to avoid any surprises.
Many people are self-employed permanently and need options that will provide coverage long-term. In this case, Michelle Bungo recommends checking out the Health Insurance Marketplace. This government-run program offers tax credits to reduce monthly health insurance premiums for those who have a low income. If qualified, children can be added to the plan.
Another option for long-term coverage is looking into private health insurance plans. Some providers have plans designed specifically for self-employed people. There are great options out there that provide a wide range of benefits at affordable prices.
Searching through the seemingly endless amount of options is often the most overwhelming and challenging part of the process. Always check with a health insurance agent before signing up to make sure you are choosing the right plan for you.
Web Presence, LLC
SOURCE: Web Presence, LLC
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