Being a content creator comes with a lot of perks: flexibility, creative freedom, and the ability to be your own boss. But one of the biggest challenges of self-employment is securing health insurance. In fact, fear of dealing with content creator health insurance may keep you from going full-time earlier.
Why Health Insurance Matters for Content Creators
It can be tempting to put off getting health insurance, especially if you’re young and healthy, but having coverage is essential. Unexpected medical expenses can be financially devastating, and regular check-ups help catch potential health issues early. Plus, if you work in content creation full-time, you don’t have the safety net of employer-provided benefits, making it even more important to have a plan in place.
When Should Content Creators Get Health Insurance?
- When You Go Full-Time as a Content Creator
If you’ve recently transitioned from a traditional job to full-time content creation, losing employer-sponsored health insurance is a major factor to consider. You typically have 60 days to enroll in a new plan through the Health Insurance Marketplace, COBRA, or a private insurer after losing employer coverage.
- During Open Enrollment
For most people, the best time to sign up for health insurance is during Open Enrollment, which typically runs from November 1 to January 15. During this period, you can enroll in a new plan or switch your existing one.
- If You Experience a Qualifying Life Event
Certain life changes, like getting married, having a baby, or moving to a new state, allow you to enroll outside of Open Enrollment. These qualifying life events give you a 60-day window to find a new health insurance plan.
- When Your Income Becomes More Predictable
As a creator, your income fluctuates. We’ve got great tips for managing irregular income as a creator that can help you plan for health insurance. But here are some quick tips to get you started:
Getting consistent brand deals can help fill in the gaps for slower months when ad revenue slows down. You can also spread your income from successful months across lower-earning months. Finally, it’s not glamorous, but making a budget goes a long way.
Health Insurance Options for Content Creators
- The Health Insurance Marketplace
The Marketplace, available through HealthCare.gov and state exchanges, offers various plans based on your income and location. Depending on your earnings, you may qualify for subsidies that reduce your monthly premiums.
- Medicaid (for Low-Income Creators)
If your income is on the lower side, you might qualify for Medicaid, a government program that provides free or low-cost health insurance. Eligibility varies by state, so check local requirements.
- COBRA Health Insurance for Self-Employed Creators
COBRA allows you to keep your previous employer’s health insurance for up to 18 months after leaving a job. However, you’ll be responsible for the full cost, which can be expensive.
- Private Health Insurance Plans
If you don’t qualify for subsidies and want more flexibility, you may explore purchasing insurance directly from the insurance companies that offer plans in your state. These plans may offer different coverage options that aren’t available on the marketplace.
- Freelancer and Creator Organizations
Groups like the Freelancers Union and Creator Health by YouTube offer access to health insurance plans tailored for independent workers. If you’re part of a professional organization, check if they offer coverage options.
- Spouse or Parent’s Plan
If you’re under 26 years old, you can stay on a parent’s plan. If your spouse has employer-sponsored insurance, joining their plan might also be a cost-effective option.
- Insurance Alternatives
If none of the options above work for your situation, there are health insurance alternatives, such as cost-sharing plans, short-term plans, faith-based plans, and memberships.
Some of these options may not offer as strong of coverage as standard health insurance, though, so do thorough research on the plans, their history of paying out for health care, and whether they will shield you from penalties for not carrying marketplace-approved plans before signing up.
How to Choose the Right Plan
When comparing plans, consider:
- Monthly premium: How much you’ll pay each month.
- Deductible: The amount you need to pay before insurance kicks in.
- Copays & coinsurance: Your share of the costs for doctor visits and prescriptions.
- Network coverage: Check if your preferred doctors and hospitals are in-network to avoid high out-of-pocket costs.
Is Health Insurance Tax Deductible?
There are some tax benefits to paying for your own health insurance. Since content creators and influencers are self-employed, you can deduct your health insurance premiums for you, your spouse, and other dependents.
Health tax write offs can get complicated fast, but that’s where we come in! We will work with you to make sure you are getting all the write offs you should be getting. Feel free to book a call, and we’d be happy to chat!
Conclusion
Health insurance may not be the most exciting part of content creation, but it’s a critical piece of your financial and personal well-being. Whether you’re just starting out or scaling your business, securing coverage ensures you can focus on what you love without worrying about medical expenses. Want to explore more smart choices? Book a call with us to see how we can remove the hassles of bookkeeping and tax planning.