Why You Should Trust Us

Investopedia’s writers, researchers, and editors work hard to give you the best advice about health insurance. We carefully gather and validate ꦇlarge sets of data to determine which companies are the best. Even though we might get paid if you click certain links, it doesn’t affect how we rate insurance companies. Investopedia launched in 1999 and has helped readers find the best health insurance companies since 2019.

How Does Health Insurance fo📖r the Self-Employ☂ed Work? 

If you’re a 澳洲幸运5开奖号码历史查询:self-employed worker who is not eligible for insurance through Medicare, Medicaid, or another health insurance program, you may consider looking for a plan on the 澳洲幸运5开奖号码历史查询:ACA health insurance marketplace. You are considered a self-employed worker if you have𝓡 a business that 🥃generates income but don’t have employees, according to HealthCare.gov.

The ACA health insuran൩ce marketplace is a market where people can pur🉐chase plans online, in-person, or on the phone. The federal government administers the marketplace for some states while other states run their own marketplaces.

You can sign up for a plan during 澳洲幸运5开奖号码历史查询:open enrollment, which runs from November 1 to January 15 every year. However, you may be eligible for a special enrollment period if you experience certain 澳洲幸运5开奖号码历史查询:qualifying events such as losing a job or turning age 26. 

When shopping for insurance on the exchange, you can be sure that most plans will cover certain services because of the 澳洲幸运5开奖号码历史查询:Affordable Care Act, which requires that plans available on the exchange cover benef🍨its such as emergency💎 services, prescription drugs, hospitalization, and pregnancy.

The 澳洲幸运5开奖号码历史查询:cost of plans typically depends on many factorඣs, including which type of plan you choose, your age, family size, whether you use tobacco, and your location. There are generally four categories of ACA plans: bronze, silver, gold, and platinum. The bronze plan has the highest deductible while the platinum plan has the lowest. Silver and gold plans fall in between those two types.

Pluꦬs, some people may be able to reduce costs on marketꦆplace plans if they qualify for financial assistance.

There are two types of financial assistance available for marketplace plans: the premium tax credit and 澳洲幸运5开奖号码历史查询:cost sharing reduction (CSR). The 澳洲幸运5开奖号码历史查询:premium tax credit can lower your monthly premiums 🉐while the CSR can reduce your out-of-pocket cജosts. 

Eligibility for either type of financial assistance depends on such factors as your income and eligibility for other hea🍰lth insurance programs.

Whenever you apply for insurance on the marketplace, you’ll be required to provide information about your income. For self-employed workers, this means you’ll need to provide an estimate of your income for th🧔e year even if you’re unsure about the exact amount.

Since that estimate is used to determine your eligibility for financial assistance, it’s important to update that information during the year if you believe your income will end up being lower or𒅌 higher.

Common Health Insurance Terms To Understand

• Deductible: An insurance deductible is the amount you have to pay for covered services in a plan year before your insurance starts paying part of the costs. This is not the same as the out-of-pocket limit.
• Coinsurance: After you hit the deductible, your plan might have 澳洲幸运5开奖号码历史查询:coinsurance, which is a percentage that you pay for covered services. For example, if a plan has 20% coinsurance and a $3,000 deductible, that means that after you’ve spent at least $3,000 you’d pay for 20% of costs until you hit the out-of-pocket limit. 
• Premiums: A premium is the amount you pay for your health insurance plan every month.
• Copayment: A copay is a fixed fee you pay for a covered healthcare service, such as a doctor’s office or emergency room visit. Copays typically do not count towards your deductible, so you’ll still have to pay them even after you’ve hit the deductible.
• Out-of-pocket limit: The 澳洲幸运5开奖号码历史查询:out-of-pocket limit is the maximum amount you pay for covered medical services in a year. After you hit the limit, your insurance will pay for 100% of covered services. The premiums you pay do not count towards the out-of-pocket limit. For 2025, the annual out-of-pocket limit for plans purchased off the exchange is $9,200 for self-only coverage and $18,400 for family coverage.
• High deductible health plan (HDHP): An HDHP is a type of healthcare plan with lower premiums and a higher deductible.These plans are typically paired with a health savings account or a tax-advantaged account for medical expenses.
• Health savings account (HSA): A HSA is a type of account that allows people to put away pre-tax dollars for medical expenses. Plus, when HSA money is used for qualified healthcare expenses, it’s not taxed.

Other Health Insurance Options for the Sel💛f-Employed

Beyond purchasing a health insura💫nce plan off the exchange, self-employed workers may also have other options, depending on their age, income, and previous employment.

Medicaid

Medicaid is a public insurance ⭕program that’s available to low-income individuals and families. It’s funded by federal and state governments. Eligibility is based on income, but these requirements vary by state. 

Medicare

Medicare is a fe🌟deral insurance program that covers people age 65 and older and those with certain disabilities or medical conditions. Medicare only covers some medical expenses.

COBRA

Some individuals may be eligible for health insurance through COBRA. This federal law allows people to continue♛ their ꦰgroup health insurance coverage for a period of time after their employment ends. 

Since companies typically cover a portion of their employees’ premiums, COBRA can be costly, as individuals are typically required to pay the full cost of premiums and an additional administrative fee.

How We Chose the Best Health Insurance Companies f𝓡or the Self🐓-Employed

Investopedia’s rankings of the best health insurance companies for self-employed people are based on Investopedia’s independent research into nine providers offering🌱 plans through federal and state marketplaces. We evaluated costs, customer satisfaction, plan benefits, and medical m🦂anagement programs. 

We selected the nine companies in our review based on market share, enrollment trends, and availability. Investopedia’s research for this ranking was conducted from Oct. 24 to Nov. 8, 2024. We collected 315 data points across nine companies from HealthCare.gov, state marketplaces, the National Association of Insurance Commissioners🤡 (NAIC) complaint index, and company websites anಌd representatives. 

Staff editors and researchers used this data to create our scoring model for evaluating each company on criteria that fall into seven💦 ꧒categories. We weighted those categories as follows: 

• Federal marketplace cost data: 26%
• State marketplace cost data: 26%
• Customer satisfaction: 20%
• Plan types: 11%
• Availability: 10%
• Medical management programs: 5%
• Plan benefits: 2%

Read our 澳洲幸运5开奖号码历史查询:full methodology for reviewing health insurance providers.