Best Health Insurance Companies for the Self-Employed of 2023

Oscar is our top-ranked provider for the most affordable health insurance, with lower premiums and deductibles, on average, relative to the competition. And self-employed individuals will appreciate the convenience of the company’s health app, which allows you to find care, message your care team, refill your prescriptions, talk to a virtual care provider, track your deductible, and even get rewards for hitting your daily step goals—up to $75 per year. And with most plans, there’s a $0 copay for virtual care. And Oscar offers a variety of plan types and every available type of medical management program. 

That said, there are some issues with the quality of Oscar’s plans. The company’s star rating on Healthcare.gov, which measures member experience, medical care, and plan administration, was just 2 stars. And the company’s National Committee for Quality Assurance (NCQA) rating for member experience was 2.75 out of 5 stars, which is lower than many competitors.

Because Aetna's plans only include the essential health benefits (EHBs) outlined by the ACA, the company's plans are all eligible for the maximum premium reduction available from the premium tax credit. For example, if you earn less than 150% of the FPL and purchase a Silver plan from Aetna in 2023, your required contribution could be $0. Busy contractors will also appreciate the no- or low-cost virtual care and MinuteClinic services included with Aetna’s plans. Your local MinuteClinic offers convenient hours, and you can book an appointment online for a variety of services. You may even be able to get a prescription and pick it up on-site. 

Aetna offers HMO, PPO, and EPO plans, and provides a variety of medical management programs for different conditions. The company’s average NCQA rating is 3.4 out of 5 stars, which is better than average. And Aetna also received an A (Excellent) financial strength rating from AM Best, which highlights the company’s excellent ability to pay claims. However, people who don’t qualify for the premium tax credit may not find Aetna’s plans to be the best value, since Aetna’s premiums and deductibles may be higher than the competition (costs vary by region). 

For individuals with more extensive health needs, Blue Cross Blue Shield may be the best option. BCBS had the lowest-cost Gold plans of all the insurers we reviewed (premiums were not the lowest, but deductibles were). The insurer also has low premiums on Bronze plans (but high deductibles). And plans are generally very highly rated. BCBS is also our top-ranked provider for the best health insurance companies. Outside of traditional health insurance plans, BCBS offers short-term coverage and global health insurance for contractors and individuals traveling overseas. 

Since BCBS is a group of companies, member experience varies by region. For example, it’s the top-rated carrier in the J.D. Power 2022 U.S. Commercial Member Health Plan Study for the Illinois and Indiana region, but ranked last in California. Certain BCBS organizations also offer more benefits than others, such as health and wellness discounts or $0 virtual care. It’s important to research the Blue Cross Blue Shield organization in your state before enrolling.

For independent contractors looking for the cheapest possible plan, Molina Bronze and Silver plans have the lowest premiums and deductibles, on average, of all the major insurers and many smaller regional ones. The company offers ACA plans in 14 states. In most states, plans include 24/7 telehealth visits through Teladoc at no cost to you. Molina offers a convenient mobile app as well, which allows you to view your records, talk to a nurse, and more. 

Though you’ll likely find the cheapest plans from Molina, third-party ratings for the company are among the lowest of the carriers we reviewed. For example, Molina has an average 2-star NCQA rating and a 2-star rating on Healthcare.gov. The company also has the fewest health management programs of the insurers we reviewed and dental coverage is not available.