Your Guide to the Best Health Insurance for Self-Employed Nevadans
Are you a freelancer, consultant, independent contractor or other self-employed worker in Nevada looking for quality health insurance? You’ve come to the right place. Nevada Health Link is the marketplace for insurance plans that fit your life and budget, especially if you’re self-employed. You’re considered self-employed if you have a business that takes in income but doesn’t have any employees other than yourself, a spouse or a family member. We know there are a lot of questions involved when it comes to getting you and your family covered, and we’re here to help. Keep reading for our complete guide to the best health insurance for self-employed Nevadans like you.
Do I Really Need Health Insurance?
Being your own boss has its perks, but it also means managing your own health insurance. Enrolling in coverage means protection for your most valuable asset: your health and wellness. Not only is insurance a vital safety net for all of life’s unpredictable moments, but it also provides a route for preventative care that will allow you to live a longer and happier life. It also means you can grow your business without the looming threat of financial burden from medical expenses. Click here to read our blog on 3 Reasons Health Insurance is Crucial to Living a Healthy Life.
What If I Lost My Job?
If you leave your place of employment for any reason and subsequently lose job-based insurance, you are automatically qualified for a Special Enrollment Period (SEP) as long as you apply within 60 days of losing coverage. This means that even if it’s not currently the annual Open Enrollment Period (November 1 through January 15), you can enroll in a health plan through Nevada Health Link. Keep in mind that you may not be able to keep the same plan you had through your previous employer.
How Much is Health Insurance for Self-Employed Nevadans?
The cost of your health insurance can vary depending on factors like household income, location, age and more. Differing plan types, coverage options and potential subsidies make it even more difficult to pin down exactly how much your insurance will cost. The good news? Nevada Health Link makes it easy to find out which plans you qualify for based on your income, so you can immediately see how much you’re saving. You can also choose from several coverage tiers, with plans ranging from low-deductible, worst-case scenario options to those with higher copays and lower out-of-pocket costs. Free local enrollment assistance is available to all Nevadans.
How Do I Determine My Net Income?
As a self-employed Nevadan, accurately determining your net income is crucial for assessing your financial health and finding a plan that fits your life. You can find this number on Schedule C of your federal tax return. Do your best to estimate your self-employment income and expenses for the year based on your past experience, realistic expectations, industry standards and other information. If you end up making more than you reported on your Nevada Health Link application, you could have to pay back some or all of the premium tax credits you took during the year. If you end up making less, you could qualify for more savings than you claimed during the year. Click here to learn more about reporting self-employment income to Nevada Health Link.