As a freelancer or independent contractor, you may not have access to the same benefits and protections as traditional employees. This can include health insurance, disability insurance, and other types of coverage that can be essential to protect yourself and your business. Fortunately, there are several types of insurance products available specifically for freelancers that can provide the protection you need.
Health Insurance
One of the most important types of insurance for freelancers is health insurance. Freelancers can purchase individual health insurance plans through the Affordable Care Act (ACA) marketplace or through a private insurance provider. These plans can provide coverage for preventive care, medical procedures, prescription medications, and more. Freelancers may also be eligible for tax credits to help offset the cost of insurance premiums.
Where Do You Get Health Insurance?
As a freelancer, there are several options available for purchasing health insurance. Here are some common ways to purchase health insurance as a freelancer:
- ACA Marketplace: Freelancers can purchase individual health insurance plans through the Affordable Care Act (ACA) marketplace. You can apply for coverage online, by phone, or through an agent or broker.
- Private Insurance Providers: Freelancers can also purchase health insurance plans directly from private insurance providers. Many insurance companies offer individual health insurance plans that can be purchased online or through a broker.
- Professional Associations: Some professional associations and organizations offer group health insurance plans for their members. Freelancers may be able to join these associations and access group health insurance plans at a lower cost than individual plans.
Some popular health insurance brokerages that can help freelancers find and purchase health insurance plans include:
- eHealth: eHealth is an online marketplace that allows users to compare health insurance plans and purchase coverage.
- HealthMarkets: HealthMarkets is a brokerage that offers a range of health insurance options for individuals and families, including ACA-compliant plans, short-term health insurance, and other options.
- Stride Health: Stride Health is a brokerage that specializes in helping freelancers and other self-employed individuals find health insurance plans that meet their needs and budget.
When purchasing health insurance as a freelancer, it’s important to carefully review the plan details, including deductibles, co-pays, and coverage limits, to ensure that you are getting the coverage you need at a price you can afford. It’s also a good idea to consult with an insurance broker or agent who can help you navigate the options and find the best plan for your needs.
Disability Insurance
Disability insurance is another essential type of coverage for freelancers. If you are unable to work due to an injury or illness, disability insurance can provide a portion of your income to help cover your expenses. There are two types of disability insurance: short-term disability and long-term disability. Short-term disability insurance provides benefits for a limited period of time, while long-term disability insurance provides benefits for a longer period of time.
Popular Providers
Some popular disability insurance providers and brokerages that can help freelancers find and purchase disability insurance plans include:
- Policygenius: Policygenius is an online insurance marketplace that allows users to compare disability insurance plans and purchase coverage.
- Breeze: Breeze is a disability insurance provider that offers simple and affordable coverage options for freelancers and self-employed individuals.
- The Hartford: The Hartford is an insurance provider that offers disability insurance plans for individuals and small businesses, including short-term and long-term disability coverage.
Liability Insurance
Liability insurance can protect freelancers from legal liability for accidents or injuries that occur while they are working. For example, if you are a freelance photographer and someone is injured while you are shooting photos, liability insurance can help cover the costs of any legal claims or settlements. There are several types of liability insurance available, including general liability insurance, professional liability insurance, and errors and omissions insurance.
Research has shown that having insurance can be beneficial for freelancers. According to a survey by the Freelancers Union, freelancers who have health insurance are more likely to be able to afford to visit a doctor or other medical professional when they need to. Additionally, freelancers who have liability insurance may be more likely to win clients who require proof of insurance as a condition of working with them.
In conclusion, as a freelancer or independent contractor, it’s important to protect yourself and your business with the right types of insurance. Health insurance, disability insurance, and liability insurance are just a few of the insurance products available to freelancers. By investing in insurance, you can help protect yourself from financial hardship in the event of unexpected accidents or medical issues, and help give you peace of mind.
