Are you self-employed and in need of Hawaii health insurance coverage? There are several Hawaii health insurance options for entrepreneurs, freelancers, and consultants available today. Many people choose to go this route because it gives you flexibility if your income is difficult to predict. It allows you to qualify for subsidies or tax credits if your income dips and then to modify your coverage when there is an increase in income. In addition, self-employed health insurance allows you to have room to look for the best plan for your individual circumstances without being stuck with an option that was pre-selected.
Who Can Get Self-Employed Health Insurance?
If your income is generated through a business with no other employees whose income that you report at the end of the year via a W2 form, then you can enroll in self-employed coverage. There are multiple options for cost assistance available.
If you have at least one additional employee, you can qualify as a small business owner in Hawaii and utilize the Small Business Exchange (SHOP) that was created specifically for small business owners to enroll their employees in benefits throughout the year. Currently, not many small business owners take advantage of this exchange and it may not be available much longer, but Hawaii is seeking alternative options.
How Much Does Self-Employed Health Insurance Cost?
The cost of self-employed health insurance in Hawaii can vary depending on the provider and healthcare plan you select. Your income will largely determine the cost of your monthly premiums. For example, there are some plans that only qualify people that have a low income. Some health insurance plans are flexible and allow you to change your plan according to your income levels, which may enable you to qualify for government subsidies that can help with the cost of coverage. There are also several cost assistance options.
Pros and Cons of Self-Employed Health Insurance
One change made by the Affordable Care Act is that it now allows the monthly premiums to be a deductible line item on a tax return for someone that is self-employed. It is also beneficial to be able to have the flexibility to change income levels, which may qualify you for subsidies to help with the cost of coverage. That being said, this can be a double-edged sword. If business circumstances change in the opposite direction and you find yourself doing better than you anticipated, you must remember to update your income and risk paying a higher amount in monthly premiums.
What Is the Best Health Insurance If I’m Self-Employed?
Self-employment allows you a wide variety of options. Review your current coverage needs against what you qualify for in the state Marketplace as well as what you may be able to get from private health insurance companies.
How Do I Get Access To Self-Employed Health Insurance?
You can access Hawaii self-employed health insurance through the federal marketplace by filling out the Health Insurance Marketplace application or by utilizing a private broker for assistance. There are several self-employed health insurance options available via private health insurance companies as well. See the list of those companies below who offer self-employed health plans in Hawaii.
Sources:
