Hey, welcome back to our blog. Today we're talking health care. Have you had a chance to look into affordable health insurance options for your family? If you're looking to start a small business, don't let the cost of health insurance be a deterrent. Take a moment to read below and you may be pleasantly surprised with the affordable options accessible to you.
If you haven't heard, The American Rescue Plan (ARP), recently signed into law by President Biden increases and expands eligibility for Affordable Care Act (ACA) premium subsidies for people enrolled in marketplace health plans. The law also creates new, temporary premium subsidies for COBRA continuation coverage and temporarily changes the rules for year-end tax reconciliation of marketplace premium subsidies. These changes will improve the affordability of coverage for individuals who are already enrolled in marketplace health plans and provide millions more with an opportunity to sign up for coverage with increased financial assistance this year.
So, what does this mean for you?
If you are an entrepreneur, there is a greater opportunity to obtain a reasonably priced health insurance plan for you and your family. In addition, all ACA plans are “guarantee issue” - meaning no health questions are asked in order to obtain coverage.
As well as this, the government created a Special Enrollment Period (SEP) for any eligible person to make changes or enroll in ACA coverage from February 15th - May 15th, 2021. Typically, the only time one can enroll into ACA coverage is from November 1st - December 15th each year for a Jan. 1st effective date.
How to make it happen:
The easiest way to begin looking at options is to contact your local health insurance agent. You can “find an agent” by accessing www.healthcare.gov and then click “Find Local Help”.
In order to obtain subsidies, you must file a federal tax return for the year you are getting a subsidy and must not have an employer group health insurance plan offered (that meets quality and affordability requirements) to you or your spouse.
Bottom line: If you're an entrepreneur looking to start your own gig, don't let the cost of health insurance scare you off. There are affordable options that could be of benefit to you.