Health Insurance for Self-Employed in 2020-2021

November 27, 2020
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Health insurance protects you and your family against financial calamity when you become ill or incapacitated. Learn more about the best ways to sign up for affordable health insurance coverage that keeps you safe.

According to the latest figures released by the US Bureau of Labor Statistics (BLS), as of August 2020, the number of self-employed in the US is over 9.5million. This is a 3.35 percent increase from the previous month and a 1.4 percent year-over-year decrease.

Some of key findings from the State of the Self-Employed:

Popular industries: 57% of sole proprietors who work outside of farms are employed in just five sectors: professional services, repair and personal services, construction, administrative services and retail. There was 722% growth in transportation services, such as taxi services, from 2000 to 2017.

States with most self-employment: Florida, Georgia and Vermont have the highest rates of self-employment of any states. The lowest rates are in Indiana, West Virginia and Wisconsin.

Self-employed with higher median income: The self-employed professionals with the highest median income live in New Jersey, Rhode Island, Connecticut and Massachusetts.

Income diversification: 22% of self-employed professionals have multiple revenue streams, compared to 11% who work for an employer.

Average income of Self-employed: The average sole proprietorship brought in $34,751 in annual revenue in 2017, compared to $40,800 among those who consider themselves primarily self-employed. (Source: Forbes article dated May 30, 2020)


Health coverage if you are self-employed

If you are self-employed, you can use the individual Health Insurance Marketplace to enroll in flexible, high-quality health coverage that works well for people who run their own businesses that produces income and has no employees. You can buy health coverage through the individual Health Insurance Marketplace or through the State based Exchanges if you live in any of these states.

You are considered to be self-employed and can enroll through the Marketplace if,

• You carry on a trade or business as a sole proprietor or an independent contractor.
• You are a member of a partnership that carries on a trade or business.
• You are otherwise in business for yourself (including a part-time business)

If you run a business that has even one employee (other than yourself, a spouse, family member), you may be eligible to use the SHOP Marketplace for small businesses which will offer coverage to yourself and your employees.


Self-employment income and Marketplace savings

When you fill out a Health Insurance Marketplace application, you’ll have to estimate your net self-employment income. Marketplace savings are based on your estimated net income for the year you’re getting coverage, not last year’s income.


Florida Health Insurance Companies

Florida uses the federally run marketplace exchange. If you are a resident in the state of Florida, you can enroll in to Obamacare during the annual Open enrollment run from November 1, 2020 through December 15, 2020. There were about 2.23 million Individuals in Florida applied for Marketplace Plan during open enrollment 2020 out of which almost 2.15 million Floridians were eligible for qualified health plans under Affordable Care Act.


Available carriers:

• Ambetter from Sunshine Health
• Florida Blue (BlueCross BlueShield FL)
• Florida Blue HMO (a BlueCross BlueShield FL company)
• Molina Marketplace
• Oscar Insurance Company of Florida



Apply for Florida health insurance coverage



Texas Health Insurance Companies

Texas uses the federally run marketplace exchange healthcare.gov. If you are a resident in the state of Texas, you can enroll in to marketplace plan during the annual Open enrollment run from November 1, 2020 through December 15, 2020. There were about 1.28 million Individuals in Florida applied for Marketplace Plan during open enrollment 2020 out of which almost 1.03 million Texans were eligible for qualified health plans under Affordable Care Act.


Available carriers:

• Health Insurance Companies in Texas
• Ambetter from Superior Health Plan
• Blue Cross and Blue Shield of Texas
• Molina Marketplace
• Oscar Health


California Health Insurance

California uses state based exchange coveredca.com.


Available carriers:

• Anthem Blue Cross
• Health Net
• Kaiser
• LA Care
• Molina Health Care
• Oscar Health Plan


Covered California for Small Business (CCSB) helps you find health insurance for your employees that fit your budget and theirs.

You decide the level of coverage and how much to contribute toward your employees’ health insurance premiums. Then you and your employees select the plan that fits your budget.

Choose from HMO and PPO plans from Blue Shield of California, Health Net, Kaiser Permanente, Oscar and Sharp Health Plan for 2020. CCSB provides access to the broadest network of physicians and hospitals in California.

Benefits for Your Business

MyCCSB portal enables you to complete the initial enrollment process all online. You can manage your account, make plan changes, update employee information, renew your coverage and more!

Billing is simple with all health insurance premiums on one consolidated monthly invoice. Pay online using MyCCSB for added convenience.

Federal tax credits to lower the cost of coverage are available to qualifying small businesses.

Benefits for Your Employees

Peace of mind and financial protection in case of a major accident or illness.
Compare and choose health insurance plans, costs, doctors and hospitals.
Control costs by choosing the plan that fits your employees’ needs and your budget.


Who Is Eligible

You are eligible for Covered California for Small Business if:

• You have at least one but no more than 100 eligible employees and meet certain contribution and participation requirements.
• You have at least one employee who receives a W-2.
• The majority of your eligible employees live in California.

You are eligible for Covered California for Small Business if you have 100 or fewer full-time-equivalent employees.

If you are a sole proprietor, with no W-2-receiving employees, you may be eligible to purchase coverage through Covered California’s individual marketplace.
(source: https://www.coveredca.com/forsmallbusiness/howwecanhelp/)



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