Being your own boss can be a dream come true. However, professional independence comes with its own harsh realities. One aspect many people don’t immediately consider is health insurance. Without a corporate job managing coverage for you, finding the right plan at the best price can be complicated and expensive.
But it doesn’t have to be — not even for time-crunched solopreneurs. one company, Catchis trying to simplify health insurance and other benefits for the self-employed, making it easy to navigate and save money.
Founded in 2018, Catch is a personal payroll and benefits platform that helps you take care of your taxes, retirement, and health insurance. Freelancers and the self-employed can use Catch’s app to automatically track, trace, and manage their income as well as get the lowest price on a current or new health insurance plan.
Focus on what you do best.
Better still, Catch has a new tool called Premium Slasher, designed specifically to get savings for people who buy their own insurance. Catch will analyze your current plan and search the billions of dollars of available government tax credits to lower your monthly premiums. The process takes about two minutes, according to the company. All you need to do is make sure your income estimates, location, and family size are up-to-date. Catch does the rest for you.
Best of all, it’s free. How is that possible? “Catch makes money as an insurance broker, earning commissions from insurance carriers,” explains Catch’s CEO and co-founder, Kristen Anderson. “This means Catch can offer its customers Personal Payroll and Premium Slasher for free.”
Anderson adds, “Most of us don’t want to spend our time figuring out benefits. Freelancers and solopreneurs often have a vision that’s centered around improving their craft and increasing their earnings. What that vision doesn’t include is line-by-line income accounting, tax withholding, retirement contributions, and health insurance enrollment.”
Here’s how it can save you hundreds of dollars a month in mere minutes.
Catch’s Premium Slasher finds tax credits to lower monthly health and dental insurance premiums. As Anderson says, “The government has hundreds of billions of dollars of tax credits available, and 86 percent of people who have federal marketplace (ACA) insurance plans are qualified to get them.”
The problem is that filling out government forms can be time-consuming and confusing. Not checking if you have tax credits available, though, can be an expensive mistake. That’s where Catch’s Premium Slasher comes in. According to the Kaiser Family Foundationthe average savings from tax credits are around $524 per month.
“That’s not pocket change,” Anderson says. “We see customers who were thinking about letting their coverage lapse simply because they didn’t know these credits existed or that they could make such a difference in price.” Even if your premiums aren’t astronomical, Premium Slasher makes sure you are maximizing your savings by getting you every credit you deserve.
“Most people aren’t familiar with all the necessary paperwork — like IRS Form 8962 — but they shouldn’t have to be. Catch can manage all of it in a matter of minutes,” explains Anderson.
Make your experience as smooth and simple as possible.
Premium Slasher isn’t the only tool Catch offers that can help you manage costs, either. Personal Payroll, for instance, allows you to automatically divvy up and set aside a percentage of your income regardless of how much you earn at a given time or from how many sources. It identifies all your income streams, sets aside money for taxes, and sends that money to the IRS so you’re on top of your quarterly taxes and know exactly how much you can spend on other necessities.
Do you have trouble figuring out which health plan is right for you? Catch can help there, too. “Understanding that people have different needs, Catch recommends health insurance plans based on lifestyle, income, and medical needs,” Anderson explains. “Every plan we offer is ACA-compliant and covers the 10 Essential Health Benefits, so you can be confident you are getting the best options for coverage. Catch also does end-to-end enrollment so you don’t need to deal with a government site. Additionally, if you have questions, Catch has licensed health insurance agents ready to help in real-time.”
Spend less time combing government sites. Stress less about healthcare and taxes. Keep more of the money you earn. That’s the dream for freelancers and self-employed people that Catch is working to make a reality.
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