Number one: yes, you can get health insurance as a freelancer and even better, especially when you're starting out when your income is unstable chances are, you can go to a marketplace health insurance and get help.
even though whatever it comes up, it always is as a freelancer, where someone who's contemplating about having more freedom to their career, ie freelancing working from home anywhere, they want health insurance.
health insurance is not that difficult, and, yes, you can get health insurance, even if you're by yourself as a freelancer. The first place you want to look is for people who already have partners who are married or who have domestic partners.
Domestic partners by the way refer to people that you live with. But you don't have that piece of paper you're, not married, but in many cases, you still qualify to be added to that person's, health insurance.
But what if you are not? What, if you are single? Your international student or worker, or you're, a single parent in or raising your children. It can get really difficult. So I'm, going to debunk all the myths related to freelancers or independent creators, not being able to get health insurance number one.
Yes, you can get health insurance as a freelancer and even better, especially when you're starting out when your income is unstable chances are, you can go to a marketplace health insurance and get help.
So what does that mean exactly there's, a place called market health insurance and by the way, what it means is a government health insurance market, and you can get subsidized for the type of clients that you're applying for it.
Depending on a few factors, including, you know, your annual income and whether you're, ahead of household, and how many people that you're supporting, so to give you a sense of what it means.
I know that slightly outdated and that's. Why? I'm, going to show you some of the newer information that you could consider as well. This is the latest information as of 2020 for cotop10 income standards and federal poverty guidelines, so it turns out these FPL numbers are different, based on the state that you reside, because the living expenses defer quite a bit.
So, you can see that for a single person, what they do is they break down monthly versus yearly income. I typically look at yearly because it's, a number that's just easier to process.
As a summary, so for a family of one at 135 percent poverty line, you'll, be making sixteen thousand eight hundred and seventy-two dollars. But if you scroll down to the second slide, you will see that, in order to qualify for marketplace health insurance, you can earn up to four hundred percent poverty line and still qualify.
So as of 2020. That number for a family of one is forty-nine thousand. Nine hundred and sixty-eight dollars, if you are a family of three, that number medium sup to eighty-five thousand three hundred twenty dollars.
If you have a family of four potentially mom dad and two kids, you're. Looking at a hundred and three thousand dollars, so I think this is very helpful to kind of put things in perspective because many of us imagine us having to make a very little amount of money in order to qualify for help and it's.
Certainly not the case. Another thing I want to share with you is what some of these market health insurance websites will look like so and also what type of health insurance you may be getting. The good news, for example, for math, I'm, going to use a mass health connector website.
As an example, you come in here and you're able to preview plans and options that could be available to you, and all you have to do is that you need to enter your zip code, primary applicant date of birth coverage stardate and whether You need health or dental or both, and you can review the plan.
If you have any questions and special scenarios, you want to make sure you cover with a real person. Then you can call their service and enrollment center right there, a list of health insurance just to show you guys what might exist and this by the way it's, not even the full list.
This is showing you ten options out of fifty-one health insurance that you could qualify for, and here in Massachusetts, you see that Tufts is quite popular because it's right here. It's local health insurance.
I don't know whether it's offered at other states, but there's. Also. They're, cheaper options and it's all sorted as you get to more expensive options such as Blue Cross, Blue Shield, likely you will be arriving at a much later page here.
So I hope you find this helpful. Let me go ahead and actually show you guys how you could get to the state that you need to sign up, for so you can search for market health insurance, and from here what you get is healthcare.
gov. Essentially, that's, the website, many of you guys will have to start with, or you can search for market health insurance, followed by the name of your state. So let's just start. Add the central place.
If you close that out, you can see that there are a lot of resources and they're, really trying to make this website better and more user-friendly their options. You can see if you can enroll or if you can change, and there are a lot of topics that you might find helpful as well.
They can help you pick a plan that's best suited for your needs all right. Let me talk about open enrollment, so when can you enroll in this wonderful marketplace, health insurance, open enrollment, is between November 1st and January 31st.
As of when I'm recording this in 2020 and has been that case for the past four to five years, what you need to do is make sure that you submit your application during that time. Now there are other things that you might qualify for in order to apply for health insurance outside of that enrollment period, meaning between February 1st and October 31st.
You need to qualify for something called life events, so life events, including things such as when you lose your job unexpectedly, perhaps there's, a death in the family, or you know there's, a new member added to your household and Things like that that could qualify you to apply for health insurance and a lot of people are thinking.
Okay, what type of health insurance am I getting? Am I getting things that are actually don't offer a lot of coverage, or am I limited to the options I have so imagine when you were working full time or if you're still working full time? Often your company supplies you or provides you with a single option.
You know over the years I had here in Massachusetts, Blue Cross Blue Shield, which is a really good one. I had Tufts health insurance. I've had to believe it's called United health at the time. I remember not liking it as much, but whatever your employer chooses that's.
Gon na be what you signed up for here's, good news with marketplace health insurance. You actually have options and they cost a different amount, and the reason is for you to have different brands to choose from even levels within each of these brands, and companies are because your situation may be different.
For example, if a woman is pregnant or about to be pregnant, she actually needs very different levels or specific things for her health insurance. That's, just one of many examples, so as part of marketplace health insurance, you have a pretty big variety and that changes depending on where you're located how much you're willing to pay.
But I have definitely seen over the years there's Blue Cross Blue Shield. There's, which I'm, a big fan of because Tufts Healthcare does give you that balance. It is quite affordable, but also give you a lot of options for primary care for recommendations and specialists.
The last thing on the cover is related to Cobra. A lot of you know what Cobra is, which is something that your company will offer to you. If you're laid off or when you volunteer to leave your full-time job, they typically offer Cobra, which extends your current health insurance with the employer for the amount of sometimes six months, sometimes up to 12 months.
It's, not a problem. It's great. If you are suddenly finding yourself in that situation, you could, you know, apply for it and you're guaranteed to get it for the number of months that you need. However, it's really expensive, so you know at the time I remember it for me.
This was like many years ago. I was 32 33. In order to maintain my health insurance as a full-time employee, I was paying anywhere between one to two hundred dollars, but the moment I leave my job all of a sudden that price is jacked up to five four to five hundred dollars.
If you have a family, that's even more, it's very daunting for a freelancer. If you don't, have a long list of clients lined out for you to work for, and you don't. Have much money you'd, be made that year so marketplace.
Health insurance gives you that flexibility at that understanding for someone we're, starting something new. The final words I'll say about health insurance. Is that the good news with health insurance premiums that you're, paying, for you, know two three five hundred dollars or whatever that may be for you, that is tax-deductible?
So, for example, if you're paying $ 300 a month from the marketplace, health insurance times 12, so that is roughly $ 3,600. You can deduct that from the amount of money you're making as a freelancer.