Exploring Self-Employed Health Insurance Options in New York

Many individuals in New York are choosing the self-employed route to gain better control over their lives. They might want to escape a restrictive job or have been affected by corporate downsizing. Regardless of how they became self-employed, they soon discover a challenging truth: obtaining a NY self-employed health insurance plan can be difficult. This reality often leads some to reconsider their self-employed journey and rejoin the workforce. If you’re considering leaving self-employment due to health insurance concerns, read on to explore the self-employed health insurance options in New York.

I Am Generally Healthy – What Self Employed Health Insurance Options in New York Should I Consider?

If you are in good health, finding health coverage might be easier for you, although it may not be as affordable as you’d hope. Self-employed health insurance options in New York protect you from potential financial setbacks when you get sick or injured, providing peace of mind at a reasonable cost, even for “low-risk” individuals.

In New York, self-employed individuals may not qualify for state-run health insurance programs unless they meet specific low-income guidelines based on federal poverty guidelines. If you are generally healthy, staying with a program like COBRA (Consolidated Omnibus Budget Reconciliation Act) may not be your best option, as most employers contribute to the cost of your group health insurance plan. Through COBRA, you will likely pay the full rate compared to the contributory arrangement you previously had with your employer.

Consider these three options:

• Health Savings Account (HSA): This type of coverage allows you to create a separate account for healthcare-related expenses. The premiums are usually more affordable compared to standard market plans, although deductibles for these plans may be high.
• Catastrophic Health Plans: These plans may have low monthly premiums but come with limited coverage and very high deductibles. This option is only recommended if your deductible is less than your medical care cost, which is rare. Additionally, some states, including New York, may not offer these plans.
• Private Health Insurance: Private health insurance for the self-employed is a viable option if you know where to look. You can start by searching for NY health insurance quotes online or by contacting a local broker.