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 large sets of data to determine which companies are the best. Ev✤en 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 rea🐻ders find the best health insurance companies since 2019.

H🔯ow Does Health Insurance for the Self-Employed W൲ork? 

If you’re a 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网:ACA health insurance marketplace. You are considered a self-employed wor🔥ker if you have a business that generates income but don’t have employees, according to H🎉ealthCare.gov.

The ACA health insurance marketplace is a market where people can purchase plans online, in-person, or on the phone. The federal governm✃ent administers the marketplace for some states while other states run their own marketplac𓆏es.

You can sign up for a plan during 澳洲幸运5官方开奖结果体彩网: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官方开奖结果体彩网: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官方开奖结果体彩网:Affordable Care Act, which requires that plans available on the exchange cover benefits such as emergency services, prescripti꧟on drugs, hospitalization, and pregnancy.

The 澳洲幸运5官方开奖结果体彩网:cost of plans typically depends on many factors, including which type of pla🐈n 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.

Plus, 🎐some people may be able to reduce costs on marketplace plans if they qualify for fi༒nancial assistance.

There are two types of financial assistance available for marketplace plans: the premium tax credit and 澳洲幸运5官方开奖结果体彩网:cost sharing reduction (CSR). The 澳洲幸运5官方开奖结果体彩网:premium tax credit can lower your monꦍthly premiums while the CSR can reduce your out-of-pocket costs. 

Eligibility for ei🧸ther type of financial assistance depends on such factors as your income and eligibility for other health 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 the year eveᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚn if you’re unsure about the exact amount.

𝓀 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💧 or 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官方开奖结果体彩网: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官方开奖结果体彩网: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.

Ot🍬her Health Insurance Options for ൲the Self-Employed

Beyo🏅nd purchasing a health insurance 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 feder𒐪al and state governments. Eligibiliꩲty is based on income, but these requirements vary by state. 

Medicare

Medicare is a federal insurance program that covers people age 65 and older and those with certain disabilities or medꦜical conditions. Medicare only covers some med෴ical expenses.

COBRA

Some individuals may be eligible for health insurance through COBRA. This federal law allows people to continue their group 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 Bes💙t𒅌 Health Insurance Companies for 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 managem♍ent 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 Associat𒁏ion of Insurance Commissioners (NAIC) complaint index, and company websites and represe෴ntatives. 

Staff editors and researchers used this data to create our scoring m﷽odel for evaluating each company on criteria that fall into seven categories. 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官方开奖结果体彩网:full methodology for reviewing health insurance providers.