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Health Insurance Options for Self-employed Workers

If you’re a business owner or self-employed, you can use the Marketplace coverage to sign up for an affordable and low-cost health insurance plan. 

You’ll be considered self-employed if you run a small business that generates revenue but does not have workers or employees. You can apply for Marketplace health coverage if you are a consultant, freelancer, independent contractor, or self-employed person who does not employ other workers. Suppose your company has just one worker (other than you, a family member, spouse, or the owner). In that case, you’ll be able to use the SHOP Marketplace to get coverage for yourself and your workers. You can get more information about the SHOP Marketplace health insurance here.

Health options for self-employed workers 

When you submit your Marketplace application, you will learn if you’re eligible for premium tax credits and other healthcare savings. This will depend on your household’s income and size.

  • You will also check your eligibility for complimentary or low-cost coverage through CHIP or Medicaid insurance in your state. This will be calculated based on your household size, income, and other factors. 
  • Examine your expected income to see if it falls within the savings range.

In the Marketplace coverage, you can choose from various health options ranging from low-cost plans that primarily protect you in emergency conditions to programs that require you to pay more on monthly premiums but pay less out-of-pocket when receiving healthcare services. 

Self-employment income and healthcare savings

You must consider your net self-employment income when you apply for health insurance through the Marketplace. Marketplace savings are calculated using your estimated net income for the year you enroll in coverage, not your previous years’ income.

When you work for yourself, you can’t predict your actual earnings for the next few months or years. Learn how to estimate your self-employment income here.

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