What is gig work?

Gig work has become increasingly popular because of the flexibility and autonomy it offers workers across the world. Gig work is depicted by short-term contracts or freelance work. Platforms such as Uber, Lyft and Shipt have allowed individuals to set their own schedules and work from anywhere. Additional examples of gig workers extend to roles such as dog walkers, virtual assistants and freelance writers. These professionals are not confined by the limitations of traditional long-term contracts.

If you are a gig worker, one of the challenges you may face is having to find your own health coverage. This is because traditional employment models usually offer employer-sponsored health coverage which includes benefits such as medical, dental and vision coverage. Being a gig worker, you often must secure your own health coverage because you are considered an independent contractor. Still, there are affordable options for you to choose from so that you do not have to go uninsured.

Health coverage options for gig workers

A great option to ensure that you are covered is an Individual health plan. You can purchase an Individual health plan directly from a health coverage company or through the Health Insurance Marketplace®. These plans are designed for those who are not covered by employer-sponsored health coverage or government programs like Medicare or Medicaid. These plans offer flexibility in terms of coverage options, allowing you to choose the level of coverage and benefits that best meet your needs and budget. Each plan comes with its own costs and coverage, allowing you to strike the right balance between affordability and coverage for your unique health needs. With many options available, you will be able to find a plan that fits your health and coverage needs.

If you're part of the gig economy, a health coverage option to consider is a Health Savings Account (HSA). An HSA serves as a tax-advantaged savings account aimed at helping you set aside funds for medical expenses. It's accessible to those enrolled in a high-deductible health plan, making it a good plan choice for gig workers aiming to prepare for future health care costs while enjoying tax benefits. Before enrolling in an HSA, it is crucial to evaluate your financial circumstances carefully. With an HSA, you will need to cover high deductibles out of pocket before your coverage begins.

How to save on health plan costs

The good news is there are multiple ways to save on your health plan costs. Two types of financial assistance are available to those shopping for Individual health plans. One type of financial support is called an advanced premium tax credit (APTC). This is a tax credit you can take in advance to lower your monthly premiums on your health plan. In fact, four out of five consumers qualify for a plan for $10 or less per month.*

The other financial assistance available is cost-sharing reductions (CSR). When you enroll in a Silver metal plan, you could qualify for CSRs, discounts that lower the amount you have to pay for deductibles, copayments and coinsurance.

Don't risk the financial burden of going uninsured; if you or a loved one suffers an unexpected medical emergency a 3-day hospital visit can cost up to $30,000.** Read more about how to save on health coverage.

Take the first step

As a gig worker, you may feel that you don't have the option for health coverage. Although you may not have traditional employer-sponsored health coverage, there are many other options to choose from.

It's important to enroll in a health plan that you can rely on and that will be available when you need it. MyPriority® Individual and family plans offer many options for reliable low-cost coverage that includes comprehensive coverage for medical services, prescription drugs and preventive care.

Get a free quote today and we'll check if you qualify for financial assistance.