Self-employed workers and freelancers now have expanded access to major medical health insurance plans. In a typical year, the Open Enrollment period for individual plans is generally a 6-week period that ends on December 15th. As a result of the pandemic, however, the enrollment date for 2021 plans has been extended twice – first to May 15th, and most recently to August 15th. As part of the American Rescue Plan, President Biden just announced the second Special Enrollment extension so that individuals, including those who are self-employed, can make sure they are covering themselves and their dependents.
Last week, President Biden signed the $1.9 trillion American Rescue Plan into law. The Plan has several benefits that can help freelancers. One of the biggest benefits is the payment of an additional cash stimulus to qualified individuals and families. If you reported less than $75,000 ($150,000 if you filed jointly) on your last tax return, you’ll receive a $1,400 stimulus payment per person, including children and dependents. This means an eligible family of 4 would receive $5,600 – this is a lot of money! (Use the IRS’ Get My Payment Tool to see when and how you will receive your payment if you haven’t already.)
2020 was an unimaginable year. By late March, we were fighting a global pandemic amidst quarantine orders and lockdowns that drastically changed the way we live and work. As remote work and flexibility became more commonplace, even more people began to enter the freelance workforce. Whether you are a longtime freelancer or whether you are just starting your freelancing career, this article shares several strategic tips for you to wind down 2020 and plan for a successful 2021.
Finding affordable, quality health insurance coverage can be challenging when you are a freelancer or considering transitioning from traditional employment to being self-employed. Employer-sponsored plans are not an option, and individual plans often seem expensive when you aren’t sure how to shop for them. The good news is that buying health insurance doesn’t need to be difficult. And it doesn’t need to be cost-prohibitive.