The Ins and Outs of Self-Employed Health Insurance
If you generate income on your own and do not have any W-2 employees, you are self-employed. That means you can’t benefit from the group insurance policies that large corporations offer, but you can still get marketplace coverage! Read on for our top four most important tidbits of information regarding self-employed health insurance!
1. Enrollment Periods
For the most part, you’ll have to wait until the open enrollment period in the fall to enroll in a self-employed marketplace plan. However, if you lose your job and become self-employed at another time, you’ll qualify for a Special Enrollment Period (SEP). An SEP means that you have a special circumstance that allows you to enroll in a new plan. Usually, you’ll have 60 days from the date you qualify to enroll.
The same goes for if you are self-employed and then start working for a company that offers group health insurance. You will qualify for an SEP that will allow you to cancel your marketplace coverage and enroll in your new employer’s coverage plan instead.
2. Advanced Premium Tax Credits
If you are not eligible for an employer or government health plan and are not considered another person’s dependent, you can get an advanced tax credit on your marketplace plan. You’ll receive a premium tax credit every month instead of waiting until you file your taxes. Individuals in 2018 must make less than $48, 240 per year to qualify. That number changes based on the number of people in your household.
3. Spouse Plans
If you are self-employed but your spouse has an employer health plan, you may be able to sign on to your spouse’s plan. You might get a better deal! However, not all employers allow full family coverage, so check with your spouse and his or her health care coverage before making any decisions.
4. Don’t Wait
If you are currently living without coverage because you don’t have an employer coverage option, don’t wait! Enroll in a marketplace plan now. If you don’t, you’ll face penalty fees for not having health insurance.
For help enrolling in a marketplace plan in Tennessee that works best for you, give us a call at 615-541-4257.