Those who have insurance through their employer do not have to worry much about the Affordable Healthcare Act, or ACA. The mandate says that every person must be covered under a health insurance plan. Large companies are free to keep the same group plan they had before, leaving employees covered. For the self-employed, the ACA brings about different expectations. Previously many of the self-employed did not have insurance coverage. Under ACA self-employed workers will need to register for insurance coverage. This can happen in a variety of different ways.
The healthcare marketplace is one of the best options for those who are self-employed to get individual or family healthcare coverage. Every United States citizen is eligible for health care within the ACA marketplace. There are different level plans available that offer different coverage options. The bronze level plan is one of the lowest cost plans available for purchase. The cost of this plan, and all others, depends on your income.
The healthcare marketplace will ask you for your income for the past year, as well as to estimate the income you will make this current year. There is a tool in the marketplace that is available to help create the estimate.
Self-employed people who are low income will qualify for a number of benefits to help cut down on the cost of insurance. The ACA offers tax premiums to help those with less income in order to make insurance more affordable. Those who can afford insurance plans are free to choose as much coverage as they would like to apply to their insurance plan.
Shared responsibility is also available for those who need help with affording insurance coverage. This can be claimed by acknowledging that you wish to select the Shared Responsibility coverage on your IRS form. If you can afford it, you will be asked to make a payment, which can come out of your taxes. If you cannot afford it due to your income, you will not be asked to make a payment to opt in to this plan.
Self-employed individuals have many more options for insurance coverage than before. There are number of different way to purchase insurance that are more affordable. It is also possible for those who are self-employed to purchase their own plans outside of the marketplace. With the ACA, there are a number of option to be exercised for health coverage no matter your job or income level.
If you have any questions about obtaining the right health insurance Chico CA for you and your family as someone who is self-employed, contact one of our experts today to learn more!