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If you are a self-employed person worried about how to obtain coverage under The Affordable Care Act, Bell & Associates Consulting Firm has the information you need to get you going and on the right track!
As a self-employed person, you have access to the individual Health Insurance Marketplace. In this marketplace you are able to enroll in high-quality and supple health care coverage that properly fits those who work for themselves.
You can enroll through the Marketplace if you are a:
- Freelancer(writer, artist, photographer, ect.)
- Independent contractor
- Other self-employed worker
As long as you have a business that brings in income but is not responsible for any employees, you are considered self-employed and are able to take advantage of the Individual Health Insurance Marketplace.
If your business has even one employee (a spouse, family member, or owner – anyone outside of yourself), there is an option for you as well – the SHOP Marketplace for small businesses. This marketplace offers coverage for both you and your employee(s).
Self-employment income and Marketplace savings
When you fill out a Health Insurance Marketplace application, you will have to estimate your net self-employment income.
NOTE: Marketplace savings are based on your estimated net income for the year you’re getting coverage, not last year’s income.
When you are self-employed, estimating your income for the coming months or year can be a pretty difficult task. Click here to find out how to estimate your self-employed income.
What You Will Learn from the Application
When you fill out your application for the Marketplace, you will find out the following things:
- If, depending on the size of your household and your income, you will qualify for premium tax credits and/or any other health plan savings.
- Whether or not you will qualify for free or low-cost coverage through the Medicaid and CHIP programs that exist in your state. Your eligibility for this will also depend on your income and household size as well as some other factors.
- If your expected income is in the range to save. Follow this link to do a quick check.
You do have the option to choose from several different categories of coverage in the Marketplace. From plans with low premiums that mainly give you coverage in the event of a worst-case scenario, to plans where you will have to pay more each month but less out-of-pocket when you receive your health care services.
No Coverage? Face the Music
The majority of Americans MUST have the minimum essential coverage. If not, these people will be required to pay a penalty. No matter what your job status is, this rule applies. Learn more about the penalties associated with The Affordable Care Act.
If you are a self-employed person who needs health care coverage but aren’t sure how to go about researching or filling out the application, HealthCare.gov is an excellent resource for you to use to learn about the marketplace; however, if you do not wish to go it alone and want someone you can trust to aid you in the process, Bell & Associates Consulting Firm is more than happy to help! We are well-versed in all things ObamaCare, and will stop at nothing to help you get the coverage and savings you deserve!