Self-Employed Health Insurance

If you are self-employed, securing good health insurance for you and/or your family can be a challenge.

What’s the best option for self-employed health insurance?   If you live in Virginia or some parts of Maryland, the answer may be a group health plan.

Why Group Health Insurance?

What makes a group health plan a better option?

The non-group / individual health insurance market has been tumultuous.  This has translated into less favorable options if you don’t work for a company that offers you health insurance and you are not eligible for a subsidy based on income.

On the other hand, the group health insurance market has been more stable.  Under a group plan, you have access to:

• A broader range of doctors and hospitals — both locally and nationwide
• More options – for example, lower deductibles, HSA-compatible plans, etc.
• More favorable pricing in many cases

Small group health plans are Affordable Care Act compliant.  This means there is no medical underwriting, and they include all of the consumer protections mandated by law.

In addition, we can start a small group health plan on the first of any given month (and in some cases the 15th).  This means you are not subject to the chaotic annual open enrollment period each fall.

A small group health insurance plan may be a win-win if you are self-employed and not subsidy-eligible!  Please be in touch to review your specific situation with us.

Self-Employed Health Insurance in Virginia

Virginia law (SB 672) requires insurance carriers to offer group health plans to self-employed individuals.  SB 672 became effective July 1, 2018.

Who is eligible?

Certain sole proprietors, single member LLCs, partnerships, or corporations.

What is required?

You must work full time in your business, and you must have filed a tax return for the previous tax year.  Depending on how your business is structured, you must be able to provide a copy of the following from the previous tax year:

• Sole proprietorship:  Schedule C or F (from 1040)
• Partnership, S corporation: Schedule K-1 for all partners/members
• Single Member LLC:  Schedule C or F (from 1040)
• C corporation: most recently filed Virginia Employment Commission’s Employer’s Quarterly Tax Report (VEC) or W-2

What if I just became self-employed and haven’t yet filed the appropriate tax return?

There may be another option for you, depending where you live/work. Please be in touch with us right away!

(Note – final approval of your eligibility for a group health plan lies with the health insurance carrier. Do not cancel any existing coverage until you have formal approval.)

Self-Employed Health Insurance in Maryland

Contact us to find out if you are eligible for a group health plan.

Tell Me How!

At Virginia Medical Plans, a OneDigital Company, we have helped hundreds of small business owners and self-employed people with their health insurance.  Contact us at 703-707-8270 to learn how we can help you.  Or follow the instructions below to request a free quote.

To request a free quote for self-employed group health insurance, please click here to download a census form. Complete and return to us securely using this link or via secure fax at 888-514-4258.  We know you are the only employee — be sure to let us know the nature of your business, and include any of your dependents (spouse or children) who need coverage as well.