Number one yes you can get health insurance as a freelancer and even better especially when you're starting out when your income is unstable chances are you can go to a marketplace health insurance and get help.
hi guys this is Faye again and thank you.
For joining me for today's freelance miniseries this is part of our podcast as well but I want to really surface and introduce a lot of these materials via video format why cuz it works out so much better this way I can talk to you guys directly you can ask me questions in the comments below and I can share my screen in a second for you to see how I.
Navigate these websites what they look like today not a very heavy-duty topic even though whatever it comes up it always is as a freelancer where someone who's contemplating about having more freedom to their career ie freelancing working from home anywhere they want health insurance oh my god repeat after me.
Health insurance is not that difficult and yes you can get health insurance even if you're by yourself as a freelancer the first place you want to look is for people who already have partners who are married or who have domestic partners domestic partners by the way refer to people that you live with but you don't have that piece of.
Paper you're not married but in many cases you still qualify to be added to that person's health insurance but what if you are not what if you are single your international student or worker or you're a single parent in or raising your children it can get really difficult so I'm going to debunk all the myths related to freelancers or.
Independent creators not being able to get health insurance number one yes you can get health insurance as a freelancer and even better especially when you're starting out when your income is unstable chances are you can go to a marketplace health insurance and get help so what does that mean exactly there's a place called market health.
Insurance and by the way what it means is a government health insurance market and you can get subsidized for the type of clients that you're applying for it depending on a few factors including you know your annual income and whether you're a head of household and how many people that you're supporting so to give you a sense of what it means I'm going.
To show you my screen and you're able to take a look at what FPL which is poverty line means and what it entails in terms of the health insurance you can qualify for but let's jump over and explain and look at what FPL means and how you can benefit from this information in this chart as part of ma health connector I have listed the data.
From 2015 I know that slightly outdated and that's why I'm going to show you some of the newer information that you could consider as well this is the latest information as of 2019 for MassHealth income standards and federal poverty guideline so it turns out these FPL numbers are different based on the state.
That you reside because the living expenses defer quite a bit so as mentioned in our video you can see that for a single person what they do is they break down monthly versus yearly income I typically look at yearly because it's a number that's just easier to process as a summary so for a family of one at 135 percent poverty line you'll be.
Making sixteen thousand eight hundred and seventy two dollars but if you scroll down to the second slide you will see that in order to qualify for marketplace health insurance you can earn up to four hundred percent poverty line and still qualify so as of 2019 that number for a family of one is forty-nine thousand nine hundred and.
Sixty eight dollars if you are a family of three that number a medium sup to eighty-five thousand three hundred twenty dollars if you have a family of four potentially mom dad and two kids you're looking at a hundred and three thousand dollars so I think this is very helpful to kind of put things in perspective because many of us imagine.
Us to have to make very little amount of money in order to qualify for help and it's certainly not the case another thing I want to share with you is what some of these market health insurance website will look like so and also what type of health insurance you may be getting the good news for example for math I'm going to use mass health.
Connector website as an example you come in here and you're able to preview plans and options that could be available to you and all you have to do is that you need to enter your zip code primary applicant date of birth coverage stardate and whether you need health or dental or both and you can review the plan if you have any questions and.
Special scenarios you want to make sure you cover with a real person then you can call their service and enrollment center right there here's a list of health insurance just to show you guys what might exist and this by the way it's not even the full list this is showing you ten options out of fifty one health insurance that you.
Could qualify for and here in Massachusetts you see that Tufts is quite popular because it's right here it's a local health insurance I don't know whether it's offered at other states but there's also they're cheaper options and it's all sorted as you get to more expensive options such as Blue Cross Blue Shield likely you will be.
Arriving at a much later page here you can actually see a summary as well to the left as you can see Tufts health insurance neighborhood health insurance Minuteman falen BMC Blue Cross Blue Shield Harvard Pilgrim which is also a local one that's very popular so I hope you find this helpful let me go ahead and actually show you guys how you could.
Get to the state that you need to sign up for so you can search for market health insurance and from here what you get is a healthcare.gov essentially that's the website many of you guys will have to start with or you can search for market health insurance followed by the name of your state so let's just start add the central place are you looking.
For 2019 coverage start right here and you can select your state I'm gonna start with Alabama just because it's the first one and then you enter your email address and you start right there if you close that out you can see that there are a lot of resources and they're really trying to make this website better and more user friendly their.
Options you can see if you can enroll or if you can change and there are a lot of topics that you might find helpful as well they can help you pick a plan that's best suited for your needs all right let me talk about open enrollment so when can you enroll in these wonderful marketplace health insurances open enrollment is between November 1st.
And January 31st as of when I'm recording this in 2019 and has been that case for the past four to five years what you need to do is make sure that you submit your application during that time now there are other things that you might qualify for in order to apply for health insurance outside of that enrollment period meaning between.
February 1st and October 31st you need to qualify for something called life events so life events including things such as when you lose your job unexpectedly perhaps there's a death in the family or you know there's a new member added to your household and things like that that could qualify you to apply for health insurance and a lot.
Of people are thinking okay what type of health insurance am I getting am I getting things that are actually don't offer a lot of coverage or am i limited to the options I have so imagine when you were working full time or if you're still working full time often your company supplies you or provides you with a single option you know over the.
Years I had here in Massachusetts Blue Cross Blue Shield which is a really good one I had Tufts health insurance I've had believe it's called United health at the time I remember not liking it as much but whatever your employer chooses that's gonna be what you signed up for here's a good news with marketplace.
Health insurance you actually have options and they cost different amount and the reason is for you to have different brands to choose from even levels within each of these brands and companies is because your situation may be different for example if a woman is pregnant or about to be pregnant she actually needs a very different levels.
Or specific things for her health insurance that's just one of many examples so as part of marketplace health insurance you have a pretty big variety and that changes depending on where you're located how much you're willing to pay but I have definitely seen over the years there's Blue Cross Blue Shield there's.
Which I'm a big fan of because Tufts Healthcare does give you that balance it is quite affordable but also give you a lot of options for primary cares for recommendations and specialists last thing on a cover is related to Cobra a lot of you know what Cobra is which is something that your company will offer to you if you're laid off or when you.
Volunteer to leave your full-time job they typically offer Cobra which extends your current health insurance with the employer for the amount of sometimes six months sometimes up to 12 months it's not a problem it's great if you are suddenly finding yourself in that situation you could you know apply for it and you're guaranteed to get it for.
The number of months that you need however it's really expensive so you know at the time I remember for me this was like many years ago I was 32 33 in order to maintain my health insurance as a full-time employee I was paying anywhere between one to two hundred dollars but the moment I leave my job all of a sudden that price is jacked up.
To five four to five hundred dollars if you have a family that's even more it's very daunting for a freelancer if you don't have a long list of clients lined out for you to work for and you don't have much money you'd be making that year so marketplace health insurance gives you that flexibility at that understanding for someone we're starting.
Something new the final words I'll say about health insurance is that the good news with health insurance premiums that you're paying for you know two three five hundred dollars or whatever that may be for you that is tax deductible so for example if you're paying $300 a month from the marketplace health insurance.
Times 12 so that is roughly $3,600 you can deduct that from the amount of money you're making as a freelancer I hope you enjoyed this video and please check out other episodes and videos related to this freelance series if you haven't subscribed to this channel I'm mega appreciate that you do and please consider hitting the notification button.
And we have a lot of really wonderful content coming out there all for free and let me know if you have any comments below I would love to be part of your freelance journey I'm just excited for you thank you so much for watching I'll see you in the next video.