Health Coverage Tips for Families and Individuals

Freelancers and side hustlers know the drill. No employer means no benefits package. You’re on your own for health insurance, and the options can feel overwhelming.

Picking the wrong plan costs real money. We’re talking thousands in premiums or surprise medical bills that wreck your budget. But here’s the thing: you don’t need to be an insurance expert to make a smart choice.

Comparing Individual, Family, and Short-Term Plans

Individual plans cover just you. That’s it. They work great if you’re single or your spouse has coverage through their job. Family plans bundle everyone under one policy. Usually cheaper than buying separate plans for each person.

Short-term plans exist too. They bridge gaps when you’re between jobs or waiting for permanent coverage to kick in. Not ideal for long-term use, but they serve a purpose.

Here’s where a broker helps. Companies like Custom Health Plans compare options across multiple carriers at no extra cost to you. They show you plans you might miss on your own. And they explain the fine print without the insurance jargon.

Family coverage makes sense once you’re covering two or more people. Do the math. Add up individual premiums versus one family plan. Many families pair a higher deductible with a Health Savings Account and save money that way.

The Health Insurance Marketplace offers subsidized plans if you qualify. Your income determines the tax credit. Open enrollment runs November through mid-January most years. Miss it and you wait, unless you have a qualifying life event like losing your job or getting married.

Using Health Savings Accounts to Build Wealth

HSAs are tax magic. You put money in before taxes. It grows tax-free. You take it out tax-free for medical stuff. Name another account that does all three.

You need a high-deductible plan to qualify. That means at least $1,600 deductible for individuals in 2024. Families need $3,200. The lower premiums usually offset the higher deductible if you’re healthy.

Contribution caps change yearly. The IRS sets these limits at $4,150 for individuals and $8,300 for families in 2024. Over 55? Tack on an extra $1,000. Smart savers max these out because the tax benefits compound over decades.

Treat your HSA like a retirement account. The money never expires. After you hit a minimum balance, you can invest in mutual funds or stocks. Some people pay medical bills out of pocket and let the HSA grow untouched for 30 years. Pretty clever.

Finding Affordable Coverage When Self-Employed

Self-employed means you pay the whole premium yourself. No employer chipping in half. This makes shopping around critical.

Start with your expected doctor visits for the year. Rarely go? A high-deductible plan with cheap premiums might be your best bet. Frequent visits? Pay more monthly for lower copays.

Check the drug formulary. That’s the list of covered medications. Some plans cover your prescriptions cheap. Others charge a fortune. Generic versions almost always cost less than brand names.

Network size matters. Narrow networks limit your doctor choices. Great if you live in a city with tons of providers. Not so great in rural areas or if you travel for work. Make sure your current doctors take the plan before you sign up.

Deductibles protect you from bankruptcy. Say yours is $3,000. You pay that first, then insurance covers most costs after. The out-of-pocket max caps your total spending each year. Pick numbers you can actually afford if something bad happens.

Evaluating Coverage Features Beyond Monthly Cost

Everyone stares at the premium and calls it a day. That’s a mistake. The monthly bill tells maybe half the story. Your actual healthcare spending depends on how the plan handles everyday stuff like doctor visits, prescriptions, and routine care.

Copays and Coinsurance Add Up Fast

Copays hit you every time you see a doctor. One plan charges $30 per visit. Another wants $75. See your doctor monthly? That’s $540 versus $900 per year. Not exactly pocket change.

Coinsurance works differently. Instead of a flat fee, you pay a percentage after meeting your deductible. A plan might cover 80% while you pay 20%. That sounds fine until you need a $10,000 procedure and owe $2,000 out of pocket.

Specialist visits usually cost more than primary care. Some plans charge $50 for specialists while others hit you with $100 or more. Need regular specialist care? Track those copays across plans before deciding.

Prescription Drug Tiers Matter More Than You Think

Drug coverage varies like crazy between plans. Insurance companies use tiers to categorize medications. Tier 1 drugs cost maybe $10. Specialty medications in tier 4 can hit $500 per month.

Look up your regular prescriptions on each plan’s formulary. That’s the official list of covered drugs. Your diabetes medication might be tier 1 on one plan and tier 3 on another. Same drug, wildly different costs.

Generic versions save money almost every time. If your doctor prescribes a brand name, ask if a generic exists. Most plans charge way less for generics. We’re talking $10 copays instead of $75.

Mail-order pharmacies offer another savings angle. Many plans discount 90-day supplies ordered through mail. You might pay for two months and get the third free. Worth checking if you take maintenance medications.

Preventive Care Should Always Be Free

Annual checkups, vaccines, and certain screenings must be covered at zero cost under most plans. This includes things like flu shots, mammograms, and colonoscopies at recommended ages.

Use these benefits. Catching high blood pressure or diabetes early beats paying for complications later. Free preventive care is probably the best deal in health insurance.

Some plans throw in extras like gym memberships or weight loss programs. Nice perks if you’ll actually use them. Don’t let bonus features distract from core coverage though.

Telehealth Saves Time and Often Money

Virtual doctor visits exploded during the pandemic and stuck around for good reason. You can see a doctor from your couch for minor issues. No commute, no waiting room, no taking half a day off work.

Check what your plan covers for telehealth. Some charge the same as in-person visits. Others cost less. A few plans offer unlimited virtual visits for a flat monthly fee.

Most telehealth works great for simple stuff. Sinus infections, rashes, medication refills. Anything requiring physical examination or testing still needs an in-person visit.

Making Coverage Decisions That Fit Your Situation

Run the numbers for your actual life. Take last year’s medical bills. Add them to potential premiums and deductibles. Compare a low-premium, high-deductible plan against a high-premium, low-deductible option. Which one costs less for how you actually use healthcare?

Life changes open special enrollment periods. Got married? Had a baby? Lost your job coverage? You get 60 days to enroll in something new. Miss that window and you’re stuck waiting until November.

Review your plan every year during open enrollment. Your health changes. Your budget changes. Last year’s perfect plan might be terrible now. Spend an hour comparing options. It’s worth thousands in savings.

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More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($75) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $75 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
US Bank Business ($400/$1200) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $400/$1200 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $75 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.