Are you self-employed and in need of Michigan health insurance coverage? There are great Michigan health insurance options for freelancers, consultants, and entrepreneurs available today. Many people choose to go this route because it gives you flexibility if your income is difficult to predict. It allows you to qualify for subsidies or tax credits if your income dips and then to modify your coverage when there is an increase in income. In addition, self-employed health insurance allows you to have room to look for the best plan for your individual circumstances without being stuck with an option that was pre-selected.
Who Can Get Self-Employed Health Insurance?
If your income is a business with no other employees whose income that you report at the end of the year via a W2 form, then you can enroll in self-employed coverage. There are multiple options for cost assistance available.
If you do have at least one employee, then you would be considered a small business owner and can utilize small group health insurance. While many in this position will choose to select a plan that is offered outside the exchange, you can utilize the Small Business Health Option Program (SHOP), which is a public exchange for Michigan small business employers to utilize. This allows the owner to find coverage options, enroll, and qualify for special tax credits at any point during the year.
How Much Does Self-Employed Health Insurance Cost?
The cost of self-employed health insurance in Michigan can vary depending on the provider and healthcare plan you select. Your income will largely determine the cost of your monthly premiums. For example, there are some plans that only qualify people that have a low income. Some health insurance plans are flexible and allow you to change your plan according to your income levels, which may enable you to qualify for government subsidies that can help with the cost of coverage. There are also several cost assistance options.
Pros and Cons of Self-Employed Health Insurance
One change the Affordable Care Act made is it now allows monthly premiums to be a deductible line item on a tax return for a self-employed individual. It is also beneficial to be able to have the flexibility to change income levels, which may qualify you for subsidies to help with the cost of coverage. That being said, this can be a double-edged sword. If business circumstances change in the opposite direction and you find yourself doing better than you anticipated, you must remember to update your income and pay a higher amount in monthly premiums.
What is the Best Health Insurance if I’m Self-Employed?
Self-employed health insurance offers a wide variety of options. Be sure to compare your current coverage with what you qualify for in the state Marketplace as well as what you may be able to get from private health insurance companies.
How Do I Get Access to Self-Employed Health Insurance?
You can access Michigan self-employed health insurance through the federal marketplace by filling out the Health Insurance Marketplace application or by utilizing a private broker for assistance. There are several self-employed health insurance options available via private health insurance companies as well. See the list below of those companies who offer self-employed health plans in Michigan.
Which Companies Offer Self-Employed Health Insurance in Michigan?
- Blue Care Network of Michigan
- Blue Cross Blue Shield of Michigan Mutual Insurance Company
- McLaren Health Plan Community
- United Healthcare
Michigan Self-Employed Health Insurance FAQs
- What is self-employed health insurance?
Self-employed health insurance is available to those whose income is through a business with no other employees whose income that you report at the end of the year via a W2 form. There are multiple options for cost assistance when you purchase self-employed health insurance.
- Can I get a health insurance deduction if I'm self-employed?
Deductions for self-employed insurance are possible. Eligibility for deductions is determined by your income level. You are allowed to claim monthly premiums as a deduction on your annual taxes.
- Can I use self-employed health insurance to satisfy the Obamacare health insurance requirement?
Yes, you can use self-employed health insurance to satisfy the Obamacare health insurance requirements.
- What is the best health insurance if I'm self-employed?
If you are self-employed, it is likely that your best health coverage will be found through a self-employed insurance policy. A self-employed health insurance policy can be purchased by filling out the Health Insurance Marketplace application or utilizing a private broker for assistance.
- Is there an open enrollment period for self-employed health insurance?
Yes. The self-employed open enrollment period is the same as the open enrollment period that is recognized by both the Health Insurance Marketplace and private exchanges. The dates for 2017 open enrollment are November 1, 2016 to January 31, 2017.
- Where do I buy self-employed health insurance if I live or work in two different states?
It is recommend that you look for a multi-state coverage plan that can be purchased through the federal Marketplace or a private provider.
- What information and documents do I need to get self-employed health insurance?
You will need proof of income (or estimated income) and proof of U.S. citizenship.