As established, an employee may be covered by health insurance set by the employer. But what happens when you are self-employed? How do you get health insurance?
Read on as Dulcinea Insurance provides the answers in the next few lines. Remember to call us at 786-910-9487: our specialists will help you understand any process related to health coverage for the self-employed.
Who is considered self-employed?
We speak of a self-employed person when the person owns a business that earns income, but does not have any employees working with him or her.
His or her trade or profession is self-employed. Examples include those who work as consultants, professionals in any field, or independent contractors.
How do you get health coverage for the self-employed?
S implement. All you have to do is enroll in the Health Insurance Marketplace. There you will find flexible coverage that is very advantageous for people who run their own businesses.
Remember that to enroll there is a so-called Open Enrollment Period that has a well established date and time.
But in case you start your own business or lose the health coverage you already had, you are qualified for the Special Enrollment Period.
Market coverage for the self-employed
At this point, it is important for you to know that there are two key factors when applying for a health plan in the marketplace: your income and the size of your household. With this information you will be able to see whether or not you qualify for the state’s premium credits and other savings.
Depending on your income, you may also know if you qualify for free or low-cost health insurance provided by federal programs such as Medicaid and CHIP for children.
Remember that for the income calculation you will have to estimate what you will earn in the year you want to receive coverage. As a self-employed person, you may find it difficult to estimate what your net income will be this year.
Which self-employed health coverage option is better if I work?
Your income will give you the answer. There are several options on the market. You can make your choice by choosing from several coverage categories.
There are low-premium health plans that will support you if you are going through your worst.
On the other hand, there are plans that are more expensive on a monthly basis but compensate you for taking advantage of cheaper health care.
What is the difference between self-employed workers and small businesses?
We talk about small businesses when you talk about them:
- Have at least one employee other than your spouse or family member working.
- You pay a salary that you must report at the end of the year.
What happens if I stop being self-employed and get a job?
If your employer provides you with health coverage at your new job, you can cancel your market health plan to enroll in the one at work.
Keep in mind that by taking this step you lose the right to tax credits and other savings.
It may be that the coverage your employer offers you is far from affordable or does not meet your expected benefits. In this specific situation, you do qualify for the market credits and savings.
In what situations do I not qualify for Health Market loans and savings?
- If you are married, but your spouse has work-based health coverage for your dependents.
- If you do not file a federal tax return jointly with your spouse.
In any of these scenarios, you should contact Dulcinea Insurance via 786-910-9487. Our specialists will be happy to answer any questions you may have regarding self-employed health coverage.