Nobody hands you an enrollment packet. You get a 1099, a tax bill, and a website with pages of plans that all look the same.
With an age and zip code I can send general costs for plans in your area. No forms, no charge.
Most self-employed people go to state websites or Healthcare.gov, see the plans, and assume that’s all there is. The marketplace is one of many options, and for people without a low income…it’s often the most expensive.
If you’re close to or over the subsidy line (roughly $50,000 single or $125,000 for a family), direct carrier and private health plans look at more than just your income. File as an S-Corp or have an LLC? Have an EIN? Are you generally healthy and not managing moderate-to-severe health conditions? These plans are available year-round, so you can enroll in any month.
I’m Nathan Baughman, owner of Baughman Insurance Group – BIG Benefits for Small Business. Self-insured, self-employed, 1099, Main Street USA: that’s who I built this business for.
Your income. Subsidies are based on the projected income you estimate for the year, and there’s a cliff, not a scale. Guess too low and you pay it all back at tax time. Guess high and you overpay all year.
Your deductions. If you’re self-employed and not on your spouse’s plan, 100% of your health, dental and vision premiums are deductible above the line.
Your coverage. Health shares, indemnity plans, limited benefits. Some have a place. None of them are health insurance.
1. Is there a maximum out-of-pocket? 2. Is it an unlimited contract? 3. Is it major medical?
The phrase “$0 deductible PPO” is a HUGE RED FLAG. You can have a $0 deductible if there is no maximum amount to cover. Deductibles don’t mean you have insurance…these three questions do.
“He put together a great insurance package based on what we actually need, and we don’t have to pay for things we don’t.” — Google review
Stay up-to-date with all the plans and discounts available in your area.
