Health Insurance for the Self-Employed
If you’re self-employed and you are trying to find health insurance so you can comply with the Affordable Care Act, you have options. The Health Insurance Marketplace offers plans for freelancers, consultants, independent contractors, or other self-employed workers who operate businesses without any additional employees.
Here, Schnitzer-Slate, a local BCBSNC provider in Wilmington NC, shares everything you need to know about getting insured when you’re self-employed.
Who is Considered Self-Employed?
If you have a business that takes in income but doesn’t have any employees, then you are considered self-employed. On the other hand, if your business has even one employee outside of yourself, a spouse, a family member, or owner, then you will have to buy small business health insurance from the Marketplace to offer coverage to yourself and your employees.
What are the Coverage Options for Self-Employed Professionals?
Health insurance coverage options for the self-employed are based on income and household size. Depending on these factors, you will be able to see if you qualify for free or low-cost coverage through the Medicaid and CHIP programs in your state. While filling out your application in the Marketplace, you will also find out whether or not you qualify for any premium tax credits or other savings programs.
If your income disqualifies you for free coverage, you will be able to choose from several categories of coverage. The Marketplace offers a variety of plans to choose from, including plans with low premiums designed to mainly protect you in worst-case scenarios to plans where you’ll pay higher premiums but enjoy less out-of-pocket costs for your health care services.
Income Considerations
It is important to note that when you are completing your Marketplace application, the income amount you are expected to use is the estimated amount you expect to earn during the year you are going to be covered, not your income from the prior year. This can obviously be difficult for self-employed professionals because their income has a tendency to fluctuate.
Self-employed professionals will have to do their best to estimate their self-employment income and expenses for the year as accurately as possible. The income amount input should be based on past work experience, industry standards, expected workflow for the coming year, and any other information that can prove useful.
If it looks like your net income for the year is going to be higher or lower than you estimated, you will need to update your Marketplace application as soon as possible.
Avoid Being Penalized for Not Being Insured – Contact Your BCBSNC Provider Today!
Just because you’re self-employed doesn’t mean that you won’t be penalized for not being insured. Under the Affordable Care Act, every American needs to be covered or they will be fined. If you can’t find a plan in the Marketplace that works for you, Schnitzer-Slate can help.
We are a leading BCBSNC provider in Wilmington NC and we have a wide range of health insurance plans designed specifically for self-employed professionals. We can help you get the coverage you need so can avoid the ACA’s hefty fines.
Just give Schnitzer-Slate a call today at 910-392-7020. One of our agents will help you find an affordable healthcare plan for your unique coverage needs. Or, just visit our website to learn more about our affordable health insurance plans for self-employed professionals.
Here, Schnitzer-Slate, a local BCBSNC provider in Wilmington NC, shares everything you need to know about getting insured when you’re self-employed.
Who is Considered Self-Employed?
If you have a business that takes in income but doesn’t have any employees, then you are considered self-employed. On the other hand, if your business has even one employee outside of yourself, a spouse, a family member, or owner, then you will have to buy small business health insurance from the Marketplace to offer coverage to yourself and your employees.
What are the Coverage Options for Self-Employed Professionals?
Health insurance coverage options for the self-employed are based on income and household size. Depending on these factors, you will be able to see if you qualify for free or low-cost coverage through the Medicaid and CHIP programs in your state. While filling out your application in the Marketplace, you will also find out whether or not you qualify for any premium tax credits or other savings programs.
If your income disqualifies you for free coverage, you will be able to choose from several categories of coverage. The Marketplace offers a variety of plans to choose from, including plans with low premiums designed to mainly protect you in worst-case scenarios to plans where you’ll pay higher premiums but enjoy less out-of-pocket costs for your health care services.
Income Considerations
It is important to note that when you are completing your Marketplace application, the income amount you are expected to use is the estimated amount you expect to earn during the year you are going to be covered, not your income from the prior year. This can obviously be difficult for self-employed professionals because their income has a tendency to fluctuate.
Self-employed professionals will have to do their best to estimate their self-employment income and expenses for the year as accurately as possible. The income amount input should be based on past work experience, industry standards, expected workflow for the coming year, and any other information that can prove useful.
If it looks like your net income for the year is going to be higher or lower than you estimated, you will need to update your Marketplace application as soon as possible.
Avoid Being Penalized for Not Being Insured – Contact Your BCBSNC Provider Today!
Just because you’re self-employed doesn’t mean that you won’t be penalized for not being insured. Under the Affordable Care Act, every American needs to be covered or they will be fined. If you can’t find a plan in the Marketplace that works for you, Schnitzer-Slate can help.
We are a leading BCBSNC provider in Wilmington NC and we have a wide range of health insurance plans designed specifically for self-employed professionals. We can help you get the coverage you need so can avoid the ACA’s hefty fines.
Just give Schnitzer-Slate a call today at 910-392-7020. One of our agents will help you find an affordable healthcare plan for your unique coverage needs. Or, just visit our website to learn more about our affordable health insurance plans for self-employed professionals.