Stress-Free Insurance Options for Freelancers

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Freelancers in any industry can find themselves in a precarious situation when it comes to buying certain types of insurance. Without an employer to help negotiate plans or foot part of the bill, they may be stuck paying for pricey, unsubsidized health insurance coverage, for example. Insurance options for freelancer can be a difficult area to navigate.

The bad news about buying insurance as a freelancer is that you’re very much on your own. 100% left to fend for yourself. The good news is, new technology has made it easier than ever to find the types of coverage you need – and compare options.

Before you head out to buy your own insurance as a freelancer, consider how you might actually benefit from having a customized insurance plan.

Health Insurance Options for Freelancers

The passage of the  Patient Protection and Affordable Care Act (PPACA) in 2010 ushered in a new way of buying health insurance for freelancers, the self-employed, and others who purchase their own plans.

On the upside, the passage of the law has meant that anyone can buy their own health insurance plan. This is regardless of pre-existing conditions. Meanwhile, guaranteed minimum benefits were written into the law to make sure insurers could no longer pick and choose what they would cover.

The bad news about the PPACA is that, these days, premiums and deductibles are often sky-high. Still, this is another area where being a freelancer could benefit you. If you earn less than 400 percent of the Federal Poverty Limit (FPL), you could qualify for premium subsidies and cost-sharing benefits. To find out if you qualify, make sure to enter your information on before open enrollment ends.

If you’re unhappy with health insurance options available through the federal health exchange, your state exchange, or the private market, you could also consider joining a healthcare sharing ministry. Ministries like Liberty HealthShare and Christian Medi-Share tend to offer lower monthly rates than what you’ll find elsewhere, but they don’t accept everyone.

Life Insurance for Freelancers

While buying health insurance as a freelancer can be a harrowing experience, purchasing life insurance is a piece of cake. The best life insurance companies have made it easier than ever to compare and apply for term policies online. Better yet, term life insurance coverage is often a lot more affordable than you think.

To find the best rates on life insurance, consider applying with an online broker. For example, Haven Life lets you apply for life insurance online and get coverage the same day with no medical exam if you qualify.

And, if you think you can’t afford coverage, think again. With Haven Life and other firms, a 35-year-old woman in excellent health can buy a 20-year term policy with a death benefit of $500,000 for as little as $18.50 per month.

Auto Insurance for Freelancers

Buying auto insurance is the same for full-time employees or a freelancer. Once again, modern technology has made this purchase easier.

The best way for anyone to save on auto insurance is to compare rates and policies among several insurers. With a website like Policy Genius, you can enter your information once and compare several offers all in one place.

However, you should compare more monthly premiums. When buying auto insurance, it’s important to compare coverage limits, types of coverage offered, and your deductible, among other details. You’ll want to purchase the most affordable plan you can find, but only if you’re comparing apples to apples.

Final Thoughts

Being a freelancer means you’re stuck figuring out your insurance needs out yourself, but that doesn’t mean you’re left out in the cold. You can get coverage. You’ll have to do some due diligence to compare plans and find options you can afford. Fortunately, the internet has made shopping for all kinds of insurance easier than ever.