INSURANCE AGENCY NETWORK Blog
A freelancer is a self-employed independent contractor. Most of them are enjoying flexibility and a good work-life balance. But, they need to manage different aspects of work themselves.
If you're a freelancer, you need to consider getting health coverage. Most companies do not provide health insurance for freelance employees. Being a freelance worker is risky when you get sick and can't work. That's why having insurance is a great backup plan. By doing so, you will not be forced to pay for medical care if something bad happens.
If you're looking for insurance fit for you, here's how you can get it as a freelancer.
Affordable Care Act (ACA) or the Obamacare
The Affordable Care Act helps people find health insurance through the Healthcare Marketplace. This act made things easier for freelancers and self-employed workers. As of now, ACA is the best option for freelancers.
If you're a young freelancer under the age of 26, you can still stay on your parent's insurance. It is another feature of ACA that is worth noting.
Remember, enrollment for ACA plans begins in November and usually ends in mid-December. In case you miss the enrollment, you can visit the marketplace. If you qualify, a special enrollment period will open.
COBRA Coverage for Freelancers
For freelancers who receive the employer-sponsored plan, you can get COBRA coverage. COBRA means Consolidated Omnibus Budget Reconciliation Act. It is a program allowing employees to keep an employer-sponsored insurance plan. COBRA works by converting a group plan to an individual plan.
If you're interested in getting the COBRA coverage instead of a new policy, get in touch with an agent. The agent will verify your COBRA eligibility and coverage. The COBRA coverage can be more expensive since the employer subsidizes it. If you choose to get COBRA coverage, you need to pay the full policy price.
Insurance Through Freelancer Union
The Freelancer Union can provide life insurance, dental coverage, and disability insurance. You can also look for other associations dealing with the specific profession. These are called the Association Health Plan (AHP).
No matter what insurance you get, it's one way to help you with medical expenses. Some insurance may cover prescription drugs, dental expenses, and over-the-counter- medical supplies.
At Insurance Agency Network, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.