Heads-up Freelancer friends—-the Health Insurance Marketplace (Healthcare.gov) special enrollment period will end on Sunday August 15, 2021. If you find yourself without health insurance, or you’d like to modify or renew the plan you have, now is the time to buy what you need.

According to data from a survey of independently employed American workers released in July 2021 by Stride Health, a provider of health and other types of insurance marketed to Freelancers, 31% of respondents were uninsured—a rate that is more than twice that of traditionally employed Americans (12%). Cost was the top reason that caused Freelancers in the survey to decline health insurance, with 64% of uninsured respondents reporting that they didn’t think health insurance was affordable. The seventh annual survey of American workers, conducted by Upwork and The Freelancer’s Union in 2020, reported that 59 million workers freelanced part-time or full-time, representing 36% of the American workforce.

Managing cash-flow while depending on a sometimes unpredictable amount of billable hours or payment of accounts receivable, as is the case with many Freelancers, can be a struggle. We are often loathe to commit to fixed expenses that might be perceived as “optional,” especially those who are single.

That said, acquiring health insurance is a prudent investment. Consider it risk management and therefore, good for business. One never knows when a health crisis will occur. Unexpectedly large medical expenses have been known to cause financial havoc and that scary possibility makes health insurance worth the expense. Fortunately, health insurance on the Marketplace became more accessible when Congress approved the American Rescue Plan on March 11.

The new law expands eligibility for Affordable Care Act benefits and provides subsidies to ensure that no Marketplace buyer pays more than 8.5% of annual income on their health insurance premium. The American Rescue Plan also increases the subsidy for lower-income Americans who already qualified for that benefit. Furthermore, those currently receiving health insurance through the Marketplace can expect to save an average $50 a month and some may save more.

According to President Biden, “For millions who are out of work and have no coverage, thanks to this law there’s an Obamacare (ACA) plan that most folks can get with zero-dollar premiums. Four out of five Americans shopping on the Obamacare Marketplace can get quality healthcare with a premium of $10 dollars a month or less (after tax credits).”

Better still for Freelancers, the Stride Health survey showed that 93% of us who enrolled for health insurance via the Healthcare.gov Marketplace qualified for a subsidy that will offset the cost of health insurance, up from 87% who qualified for a subsidy in March 2021. As a result, health insurance enrollment increased sixfold between April 2020 and April 2021. Year to date, nearly as many people have signed up for health insurance as did during the annual open enrollment period at the end of 2020, the Stride Health reported.

Over the next few days, those who need health insurance will want to visit Healthcare.gov or call the national hotline at 800-318-2596. Some states have their own health insurance platforms and if you live in one of those jurisdictions, you’ll be routed to the appropriate registration platform.

Thanks for reading,

Kim

Image: Luis Jimenez Aranda The Visit of the Doctor (1897), courtesy of El Cason del Buen Retiro/ Museo del Prado in Madrid, Spain