How can you find affordable health insurance as a self-employed Healthcare professional?

If you are not understanding of what plans work for you, use an insurance broker. Also, if something changes during the course of the year, you may possibly qualify for a Special Enrollment Period.

Marketplace plans are going to be most competitive if you qualify for a tax credit/subsidy or a cost sharing reduction. To qualify you must: - Not be offered affordable health insurance through any family member - File jointly on taxes if married - Not be enrolled in Medicaid or Medicare Otherwise, a private insurer can be better priced. An insurance broker can answer these questions quickly for you and give valuable insight, which speeds up the process.

But, if you are out of a job, and not making money, the Marketplace is not for you. They only give discounts to people making money. Otherwise, they will tell you your eligible for Medicaid, the health insurance program for the poor. You do not want to be on Medicaid. You can look at Health Sharing plans which are run by Religious Organizations. These are affordable, but you must get in writing what they pay for.

If selecting a plan on the Marketplace, look for a plan that allows an HSA account. A licensed, certified insurance broker can help you.

HSAs are an excellent savings and investment tool! They have triple tax benefits and can be used as a retirement fund since it gets good tax treatment and can be used for non-medical expenses after 65! It is not always a good plan option for everyone since it is always a high deductible plan and most things are out of pocket until after the deductible. SO they are a good fit for someone with minimal medical expenses that do not mind the occasional out of pocket expense.

While Association plans are great, some may have higher out of pocket costs associated with the plan. Do your research and compare plans with the assistance of an insurance broker

Check your local Chamber. Sometimes they have association plans that can give you access to better rates. For example, our local chamber offers a "Chamber Advantage" plan for small businesses.

I disagree with negotiating on costs with brokers especially on the individual marketplace. Commercial or group health yes, you may save a few dollars. Individual plans have Standard and Non-Standard options with the costs being similar or slightly different. Using an insurance broker that will help you TAKE COSTS out of what you are paying is what you need.

Annual review of your insurance plan is IMPERATIVE! Plans change, doctor's participation in networks change, plans networks change, prescription drugs change in the formularies.

Finding affordable health insurance as a self-employed healthcare professional can be challenging. Here are 4 tips that may help lower your costs: - Look into association health plans if you belong to a professional organization that offers one. These plans are usually more affordable. - Consider a high-deductible health plan paired with a health savings account (HSA). The premiums are lower, and you get a tax-advantaged way to save for medical expenses. - Shop for quotes every year during open enrollment. Prices and plan options change. You may find a better deal. - See if you qualify for a subsidy through the health insurance marketplace. Your income determines subsidy eligibility.

If you are in good health and make too much to get a good tax credit, you should look into health cost sharing plans. They can be a very affordable alternative for some.