Everyone needs health insurance, and while the majority of Texans simply receive their Texas health insurance through an employer’s benefits package, many self-employed individuals must purchase it on their own. This creates a unique set of challenges, but when joining the ranks of the self employed, there are plenty of opportunities and options to keep you covered at a good price.
1. Individual Texas health insurance – Purchasing individual Texas health insurance allows you to customize a plan that fits your health needs and budget, without paying for unnecessary items that were bundled into your group plan. You can choose between a variety of plans, including PPOs, HMOs, fee-for-service plans and even a Texas health savings account.
2. COBRA – Those who leave their job for self-employment may be eligible to continue their coverage through COBRA. The Consolidated Omnibus Budget Reconciliation Act of 1985 allows workers to extend their employer benefits for up to 18 months after leaving a job, but since the employer is no longer subsidizing the plan, this can be a very pricey option.
3. Join your spouse’s plan – If you’re married and your spouse’s employer offers solid health insurance, consider joining his or her plan. It may be cheaper than purchasing insurance on your own, and group health plans will usually accept you regardless of health history.
4. Put a broker to work for you – A certified Texas health insurance broker can sift through all the clutter to help you find the best plan for you. Brokers are eventually paid by the health insurance company you choose, so their services are free to use.
5. Short-term health insurance – If self-employment is only a temporary stop in your career, then a short-term Texas health insurance plan may be a good option. It will keep you covered at a reasonable price until you move onto a job with employer-subsidized benefits.
