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Health Insurance

I’m Self-Employed So I Don’t Have Employee Benefits. What Are My Options?

By August 21, 2023November 14th, 2023No Comments

Navigating the complex world of health insurance can be overwhelming, especially for self-employed individuals and small business owners. If you’re a self-starter who is confused about your health coverage options, you’re not alone. We’re here to guide you through the intricacies of the Affordable Care Act (ACA) and shed light on how it can offer you affordable health coverage, even without the backing of an employer. So, let’s roll up our sleeves and embark on a journey to discover the world of accessible health insurance.

Understanding the Affordable Care Act (ACA):

What is the ACA, and How Does It Work?
The Affordable Care Act, also known as Obamacare, is a landmark legislation designed to provide accessible and affordable health insurance options for all Americans. It was enacted to ensure that even those without employer-sponsored benefits can access quality healthcare coverage.

When it was officially rolled out in 2013, there were many glitches and issues that earned it a bad reputation. Since then, tremendous amounts of legislation have been passed to strengthen it and remove its shortcomings. Its popularity has been steadily growing as a result among those enrolled.

Exploring Your ACA Coverage Options:
One of the great strengths of the ACA is its diversity of coverage options. Plans are tailored to different needs and budgets, allowing you to choose the one that aligns best with your requirements. The ACA mandates that all qualified health plans offer essential health benefits, which include preventive care, prescription drug coverage, mental health services, and more.

Subsidies: The Key to Affordable Health Insurance:

What Are Subsidies, and How Do They Make Insurance Affordable?
Subsidies are financial assistance provided by the government to eligible individuals to lower their health insurance costs. These subsidies can significantly reduce your monthly premiums and out-of-pocket expenses, making quality health coverage more affordable and accessible.

Eligibility Criteria for Subsidies:
To determine if you’re eligible for subsidies, factors such as your income, household size, and location are taken into account. It’s essential to understand these criteria to assess whether you qualify for financial assistance.

Am I eligible for a subsidy?
If you can answer yes to the following 4 questions, you will likely qualify:

  1. Do you plan to file taxes?
  2. Do you have a valid social security number or permanent resident card?
  3. Are you employed, but not offered health insurance through your employer?
  4. Are you less than 65 years old?

New Legislation and ACA Affordability:

Recent Changes to ACA Legislation:
Recent legislative changes have made health insurance coverage more affordable and accessible than ever. These changes have expanded coverage options and reduced costs for self-employed individuals, ensuring that even entrepreneurs can secure their health and financial well-being.

If you checked years ago and coverage was too expensive or plan offerings weren’t to your liking, it is certainly worth taking 5 minutes to check again now that so much has changed.

You can do so here.

Benefits of ACA Affordability for Self-Employed Individuals:
Affordable ACA plans offer self-employed individuals peace of mind and financial security. You can access preventive care services and detect health issues early, promoting your overall well-being while minimizing unexpected medical expenses.

Downsides of Other Health Insurance Alternatives:

The Pitfalls of Short-Term Health Plans:
Short-term health plans might seem like a quick solution, but they come with limitations and drawbacks. These plans are not federally regulated whatsoever allowing the insurance carriers to deny claims without any consequence. Pre-existing conditions are also not covered which gives carriers unlimited freedom to avoid paying you what you are due.

Alternatively, if ACA carriers don’t meet claim payment thresholds based on total premium taken in, each policyholder statewide gets a check back for the difference. This caps ACA carriers’ profits and ensures better covered for you. Pre-existing conditions are covered as well as a bonus.

The Risks of Going Uninsured:
Choosing to remain uninsured as a self-employed individual can be financially risky. In the event of a medical emergency or unexpected health issue, you could face significant financial burdens that impact your livelihood.

The average cost of an overnight stay in the hospital without health insurance? $11,000. The average cost of a pregnancy? $13,000. The current healthcare system is setup to vastly inflate costs for those who are uninsured where as those with health insurance pay drastically reduced rates negotiated by their insurance carriers.

Getting a Quote:

How to Get an ACA Quote:
Obtaining an ACA quote is a straightforward process. Visit the Flatlands Jessup website to receive a personalized quote tailored to your needs, here. Our user-friendly quoting request process ensures that you can explore your options with ease.

Final Thoughts:

In the realm of self-employment, health insurance might seem like a puzzle, but the ACA offers a solution that puts your well-being first. By understanding the Affordable Care Act, exploring your coverage options, and leveraging subsidies, you can access affordable health coverage that safeguards your health and financial future. Remember, you don’t have to navigate this journey alone; Flatlands Jessup is here to provide guidance and support as you embark on the path to securing your health with the right ACA plan.

Call: 252-495-8956
Text: 252-347-6572