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Affordable Care Act Options for Self Employed Individuals

When it comes to the Affordable Care Act, self-employed individuals have a few different options. Typically, those who work for themselves as freelancers, consultants or contractors and who have no employees qualify as self-employed.

Because you aren’t covered by an employer’s plan when you’re self-employed, you can look for health insurance plans found on the individual marketplace. You might also opt for one of the many individual health care plans that are offered directly from an insurance company. If your income falls within the guidelines for a subsidy, between 100 and 400 percent of federal poverty level, then you may want to stick with the government healthcare exchange to take advantage of those subsidies.

If your income falls outside the subsidy guidelines, or even if you qualify for a partial subsidy, you might be able to find a better rate or more comprehensive coverage by purchasing a plan on your own directly from the insurer. In some circumstances, you might be eligible to purchase a catastrophic plan, which covers only major emergency medical care and is typically cheaper than a comprehensive plan. Self-employed individuals in a household with lower income may be eligible for Medicaid, the federal health insurance plan. The specific income level required to qualify depends on the number of people in your household, and in some cases, specific members of your family may be covered by Medicaid while others require individual insurance.

Consider the copays, deductibles and premiums when comparing insurance plans to make sure you’re getting a plan that works for you and your family. No matter where you get your insurance, specific things are guaranteed to be covered. Preventative care, including an annual visit to the doctor, is copay-free under any regular non-catastrophic healthcare plan. For more information on securing a health insurance plan that suits your specific needs, contact us at Michelle Lim Insurance Services Insurance today.

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