greater of the following:
- 2.5 percent of your household income
- Total yearly fee of a bronze plan health insurance
- $695 per adult, $347.50 per child under 18 to a maximum of $2,085 in 2016/2017
So, although paying for health insurance when you are a freelancer may seem difficult to budget for, you may end up paying more long term if you don’t sign up for a plan.
Cutting Health Insurance Costs
If you find the plan prices expensive, then consider taking a higher deductible plan, or choose a lower “metal-level” in the marketplace. Again, consider having a discussion with a health insurance broker who represents several insurance companies and can search various options for you. The more you shop for your health insurance, the more likely you are to save money. Shopping in only one place will limit your possibilities.
Hopefully, the above helps clarify some of the confusion that can come along with adjusting to a new life as a freelancer. Now, go out there and get covered!
Jasmine Browley holds an MA in journalism from Columbia College Chicago, and has contributed to Ebony, Jet and MADE Magazine among others. So, clearly, she knows some stuff. Follow her digital journey @JasmineBrowley.