Being self-employed has its benefits. Making your hours and signing your paychecks are all bonuses self-employed individuals enjoy. When it comes to selecting Texas health insurance plans, we think you should have the same freedoms as a business owner and encourage you to explore your options regarding finding the right coverage at the right value and within your budget.
Wondering where to start? Should you go the traditional route or take advantage of the new special enrollment period? Here are two of the most common options for self-employed healthcare plans in Texas.
Short-Term Health Insurance Texas
Short-term health insurance in Texas can run from 1 month to over a year, which can also make it a great long-term option. It is an excellent choice for individuals and families who are relatively healthy, under the age of 65, and can self insure some specific illnesses not covered by these plans. Because there are no coverage requirements mandated by the government, some pre-existing conditions may not be covered, and prescription coverage may not be available all under one plan.
Being generally more affordable than other major medical plans, short-term health insurance in Texas can be appealing if you are looking to save a significant amount of money. Coverage can sometimes begin as soon as the next day after applying, and many will allow you to pick your own deductible from several options giving you the ultimate in flexibility.
2021 Special Enrollment Period – The Affordable Care Act
Because of the new presidential administration, the ACA is back in town with a Special Enrollment Period (SEP) running from February 15th – May 15th, 2021. As a self-employed business owner, you now have the option to purchase health insurance coverage for yourself and your family for the first time or switch to a different marketplace plan. When it comes to the Affordable Care Act, you are considered self-employed if you run your own business but do not have any employees, are a freelancer, or a consultant.
To ensure everyone has access to affordable healthcare, all ACA plans are prohibited from excluding coverage based on pre-existing conditions or past medical history. ACA plans are guaranteed issue, and no one can be denied coverage regardless of income, age, or any other characteristic. An additional benefit of choosing an ObamaCare plan is the premium tax credit to reduce your out-of-pocket costs. To qualify for the tax credit, you will need to provide your best estimate of your household income during the year of enrollment.
Looking for help with coverage? Time is precious when you are self-employed; let our Texas health insurance brokers help you save as much of it as possible.
With access to an extensive network of providers, our brokerage can quickly help you sort through the individual short-term health insurance options and find a plan that works for you. We are also registered with the federally- facilitated marketplace and can help you navigate your ACA options for individual health insurance plans in Texas at no additional cost to you.