As a freelancer, you are responsible for buying your own health insurance. If you fail to do so, you could face penalties at tax time. Your options for getting coverage are more varied than you might realize. Here are some possible ways you can secure the coverage you need. 


The Consolidate Omnibus Budget Reconciliation Act, or COBRA, requires companies to extend an offer of continued health coverage if you were previously insured as an employee. You would be responsible for paying the cost of the care. You have 60 days from the date you are notified of your eligibility to accept the coverage. 

If you recently left a company, you should receive a notice within the first 90 days after your termination date. There are pros and cons to COBRA. One advantage to keeping the coverage is you have a policy with which you are familiar. On the downside, the cost of coverage is often expensive, which could leave you without coverage in the future if you are unable to keep up with the payments. 

Healthcare Marketplace

The creation of Obamacare gave people looking for health insurance a chance to shop for coverage from different companies. The program provides a subsidy to qualified individuals to make the program more affordable. Most importantly, enrolling in a health insurance plan through the Marketplace helps you avoid penalties. 

As with COBRA, you have to weigh the good and bad of the Marketplace before making a decision. For instance, unless you are familiar with the ins and outs of insurance coverage, determining which policy is best for you and your family can be challenging. However, if you make the right choices, you could possibly save money. 

Independent Agent Purchase

Another available option to you is to simply contact an insurance agent and purchase your own coverage. By doing this, you have control over whether or not you want a low premium and high deductible or vice versa. 

Individually purchased policies can be more expensive, but you can be sure that you get a policy that is designed to meet your needs. You might have to go through a medical examination to be covered, but doing so could result in a lower premium if you are not considered a high risk.

Ultimately, how you choose to get coverage is up to you. However, it is important that you purchase and maintain coverage to not only ensure you can afford healthcare if needed, but that you avoid tax penalties. Contact a business, such as Taylor Insurance Agencies, for more information about insurance benefits.