What to do about health insurance if you’re self employed…What is the best health insurance plan for an entrepreneur? Call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!
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One of the first options is marketplace insurance. Under the affordable care act (sometimes referred to as Obamacare) all plans on the marketplace cannot discriminate against pre-existing conditions. Plans must offer services deemed essential benefits and many of these are offered at no charge.
Many people are eligible for tax credits when enrolling in a plan through the marketplace. You may be able to save thousands of dollars per year with these tax credits. You’re going to want to try to lower your MAGI as much as possible to ensure the best savings. Try working with an accountant to ensure that you’re maximizing your deductions.
There are many options on the marketplace. You can choose from PPOs (more flexibility, higher costs), HMOs (less flexibility, lower cost) or EPOs which are somewhere in between. There are four metal tier categories:
You may also be able to select a HDHP with HSA for further savings, but again, work with a broker to make sure your plan goes beyond the superficial appeal.
You can peruse all the plans available on healthcare.gov at any time. Open enrollment is every year Nov. 1-Dec. 15 or longer dependent upon your state. You may also qualify for a special enrollment period if you’ve undergone certain qualifying life events.
The truth of the matter is, even with premium tax credits, marketplace insurance can be a little more than people want to spend. This is especially true if you only use your insurance for basic needs. If this is the case, you may want to look into a short term medical insurance plan (sometimes referred to as catastrophic coverage plans). Short term plans offer many of the same benefits as marketplace plans.
Short term medical insurance plans also usually offer nationwide PPO coverage. Additionally, short term medical plans are much less expensive than marketplace plans. A young healthy person can enroll in a plan for as little as $100! And you can customize them to meet your needs. But remember, STM:
Are only available for a period of up to 36 months, at which point you’ll have to enroll again
Are not available in all states
Do not cover pregnancy
Do not cover pre-existing conditions in the first year of coverage
Are not ideal for families with young children
Still, for a reasonably healthy entrepreneur, they are an excellent option for health coverage at a lower cost. Should you experience a medical emergency of some type, you will be covered and the out of pocket maximums will limit your responsibility for large medical bills.
Other than basic health insurance, people certainly have other health needs that may require insurance. Many of our clients and viewers are especially concerned about dental insurance. If you are purchasing a plan through the marketplace, you can certainly choose a plan that offers dental and vision coverage or you may be able to add it on. That may not be your best option however. Many find that the add on options on the marketplace can be rather limited. For the most bang for your buck, you may want to look into private insurance.
For example, dental plans usually range from $15-$50 per month. Should you choose a private plan, you’ll have many more options available to you including far more PPO options.
If you have any further questions, please feel free to contact us here at iHealthBrokers at 888-410-0344 or https://ihealthbrokers.com/
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