If you live in Texas and work as a consultant, freelancer, solopreneur or other self-employed individual, you may have some questions about finding the best health plan. Thankfully, there are many Texas health plans suited for self-employed individuals that offer affordable care and flexibility. There are several health plans available, so you’ll want to find the best one for your unique needs and circumstances. Let’s take a look at some of the best Texas health plans for self-employed individuals.
Tapping into the Texas Marketplace is a good place to start for self-employed individuals looking for health coverage. Plans available through the marketplace allow for an adjustable cost of insurance as this will be based on your self-employed annual income, which may fluctuate. You will be required to submit an estimate of your projected annual income during the application process, though if your income falls below a specified threshold, you may qualify for lower premiums through premium tax credits (subsidies). It’s important to note that this works the other way as well; if your income increases beyond your estimate, you may be required to pay more.
Another option for self-employed individuals is to look at private health insurance plans, or off-exchange plans. This may be an option for people who prefer to purchase a health plan outside of the ACA or those who know their expected income will not qualify them for government subsidies. Some private insurance providers to offer discounts for self-employed individuals, so this option may be more cost effective. Run the numbers and compare and contrast exchange vs. off-exchange options to see which health plans may be the most affordable, comprehensive options for you.
Choosing a Texas health plan shouldn’t be brain surgery (leave that to the doctors). There are several things you should think about when shopping for plans, including how much they will cost. Remember: under the Affordable Care Act (ACA), monthly health insurance premiums for self-employed individuals can be claimed as a deductible for tax purposes. If you are not eligible for an employer-subsidized health plan, you can claim this deductibile.
Also consider the level of coverage you need. Most Texas health plans are organized into the following tiers, denoting the level of coverage and cost.
The math looks different for everyone, depending on their own set of circumstances. If you are young and healthy, you may opt for catastrophic coverage only. This means you will pay much lower monthly premiums; however, if something does happen, you will have higher out-of-pocket costs. On the plus side, there is still a cap to how much financial burden you will carry in case of a major health incident.
Bronze plans are also ideal for the young and healthy, though they tend to cover a few more preventive services and other health care costs. These also have lower premiums but higher out-of-pocket costs. This can be a great Texas health plan option for self-employed individuals who want a bit more coverage without spending too much.
Silver plans are great middle-of-the-road options for a wide variety of people. These include moderate monthly premiums along with moderate costs associated with covered care. For those that qualify for cost sharing reductions (CSRs), picking a silver plan can result in additional savings on out-of-pocket costs (deductibles, coinsurance, copayments, etc.).
Gold plans generally cover about 80% of healthcare costs and have higher monthly premiums, but lower out-of-pocket costs.Gold and Platinum plans may be good choices if you plan to use a lot of medical services, need to see many specialists, or have been diagnosed with a serious or chronic health condition. In general, these plans cost more upfront via monthly premiums; however, you pay much less out-of-pocket when you receive care.
Decent is new to the scene but seasoned in health insurance for self-employed people. In fact, we designed our plans specifically for this population. We get it; health insurance is expensive. Self-employed individuals also face significantly more hurdles when shopping for health insurance that caters to their needs. We created two Texas health plans to address these issues and help self-employed people get the affordable, comprehensive health care they deserve.
Our Pathfinder bronze plan offers low premiums and free primary care, so it’s the perfect plan for self-employed people who are young and healthy. Our Trailblazer Silver plan caters to those looking for a cheaper silver option than traditional options offered on the exchanges. Check it out:
One more thing: we offer free primary care. We believe that the doctor-patient relationship should sit at the center of healthcare, so seeing your primary care physician costs $0. No copay. No hidden fees. No surprise bills. Just you and your doctor, whenever you need it.
Still need help finding a Texas health plan that suits you? Get a quote and see if one of our plans is right for you.