How do you stay covered with health insurance if you own a business or do independent consulting or freelancing? Follow these insurance guidelines to make sure you and your family have a health plan.
If you are a sole proprietor:
Explore individual and family plans
If you have one or more employees who work for you:
Do I choose an individual or small group health plan?
Individual and family plans can cover you alone or you and your family members. An individual/family health insurance plan is the right option if you meet these circumstances:
- You are a sole proprietor, owner or partner of a small business and
- You do not have any eligible employees who work for you
In order to qualify as a small group, a business needs to have at least one eligible employee, which does not include a sole proprietor, owner or partner. Small group health insurance is the right option if you meet various eligibility requirements, such as:
- Your business is headquartered and actively engaged in business in Minnesota
- You employ at least one eligible employee and fewer than 51 full-time equivalent employees (the employee must meet the definition of a common law employee or a bona fide partner)
- At least one eligible employee will be enrolled in the group plan
- You will offer coverage to all eligible employees who meet the plan requirements
What do I need to consider when choosing a health insurance plan?
The most important things to consider when choosing a health plan include:
- The provider and pharmacy networks
- Your anticipated medical needs
- Your prescriptions
- The plan costs
Advantages of small group plans include tax savings, as well as the ability to attract and retain employees.
When can I enroll in a health insurance plan if I am self-employed?
You can enroll in individual and family insurance plans during the annual open enrollment period. However, if you became self-employed within 60 days of losing coverage due to job loss, you may qualify for a special enrollment.
You can enroll in small group plans throughout the year.
More about health insurance
How health insurance works
Learn about medical spending accounts