Medical health insurance suggestions for gig staff
It goes without saying that even if you participate as a gig worker and do contract work instead of working for an employer, you will need health insurance. You might not even be as excited when you pay for health insurance because you’re not sure you’ll be making money in the next week, let alone the next six months.
The gig economy continues to explode. On average, one in four workers in 40% of companies works as gig workers. In 6% of companies, gig workers make up as much as 85% of the workforce. After all, the financial sector workforce makes up 25% of gig workers, mostly independent contractors, according to the latest finding from the ADP Research Institute report.
Curious about how to find health insurance when you live and breathe the gig economy? Check out some quick tips below.
How gig workers can get health insurance
How do you get health insurance as a gig worker? We’ll go over a few options.
Option 1: Independent health insurance
Independent health insurance, also called individual health insurance, offers a plan that is directly the opposite of an employer’s group health insurance. In most cases, you will need to register during the open registration period. You can take a look at that different plans available on the Marketplace, a health insurance shopping and registration service created by the federal government through the Affordable Care Act.
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Option 2: spouse or domestic partner plan
I recently ventured into the gig economy and chose this option – sticking to my spouse’s plan. You can often get lower premiums if you resort to a spouse’s or domestic partner’s plan as the employer and employee split the cost of the premiums.
More than half of Americans who were not older had Group health insurance coverage through your employer or her family member’s employer in 2019.
Employees with a same-sex or same-sex life partner can also take out health and / or dental insurance for their life partner and family.
Option 3: COBRA
Are you thinking of quitting your job to try the big, wide world of gig work? Before you say sayonara, you might want to find out if you can convert your group plan into an individual plan. Your plan provider can explain how the Consolidated Omnibus Budget Reconciliation Act (COBRA) best fits your coverage options. COBRA states that you can renew your health insurance for up to 18 months after your employment relationship has ended.
COBRA gives you a kind of safety net by giving you more time to look at different insurance options.
Option 4: Gig Worker Associations
Did you know that you can get insurance as a gig worker? You sure can!
For example the Freelance Union offers health insurance. You can also find dental coverage and life insurance. If you belong to a professional association, check to see if they have insurance coverage before starting your own business or try the marketplace. It could be a cheaper option.
How to get health insurance
First of all, remember that in all likelihood you will qualify for the special enrollment period. This means you may have 60 days before or 60 days after the event to sign up for a plan. This can make it convenient for you to take some time to consider the right health insurance option for you. Follow these two simple steps to get health insurance:
Step 1: compare costs.
With any plan you consider, ask yourself the following questions:
- How much do you pay for the premium per month?
- What is the annual plan deductible? A higher deductible means you pay a lower premium and a lower deductible means you pay a higher premium. Find out more about what to pay out of pocket before your insurance plan begins and begins paying.
- What do you pay out of pocket for the whole year, also known as the maximum out of pocket?
- How high are the co-insurance and copayment amounts? Coinsurance percentage relates to how you and the insurance policy split the cost of care. Your co-payment includes how much you pay for an insured service that you pay your doctor before you receive medical treatment.
Step 2: sign up for a plan.
You might want to make your first stop Healthcare.gov. You can find a variety of options for your state on the marketplace. You can also opt for a private company if you don’t want to get insurance on the marketplace.
All ACA plans must cover:
- Emergency services
- Outpatient services
- Maternity and Newborn Care
- Mental health, behavioral health and substance use disorders services
- Prescription drugs
- Rehabilitation services
- Laboratory services
- Pediatric services, including oral and visual aids
- Preventive and wellness services and chronic disease management
Just know that insurance companies can choose how to handle these benefits. You still have to pay your premium to keep your plan on each month, and all of them may have different fees!
Choose the right health insurance option for you
When you think you’re ready to jump from nine to five, remember that you still need to think about practical issues – freedom and “being your own boss.”
No matter what, remember that you need to get health insurance. Don’t even think for a second that you can go a day without health insurance. Keep in mind that even a simple operation like removing an inflamed attachment can cost thousands of dollars.
You want to do as much research beforehand before you leave your job (if you can) so that you can find the best health care option for your personal situation.
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Many EV shares went public in 2020 through a special purpose vehicle (SPAC). This story has both good and bad. The good thing is that investors have many options to invest in the EV sector. Many of the companies that have entered the market are trying to enter a specific niche.
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