Those individuals who are working for themselves have a keen interest in healthcare reform. That is because the self-employed are one of the groups who have experienced significant struggles in the individual health insurance market. Without the backing of a large employer or group, health care is typically more expensive. As a result, healthcare expenses can eat up a significant portion of their income. Some end up going without, with catastrophic results.
Part of the health insurance reform law is intended to ease their plight. Tightly regulated exchange markets will allow people to have access to lower rates than they would otherwise. Despite that clear benefit, there has been some confusion over whether the self-employed will be able to take part.
Logically, the exchanges are perfect for the self-employed; and indeed, they are eligible–unless they are undocumented immigrants. Employees of small businesses can also sign up. They will open in 2014.
There is an additional boon to self-employed individuals and families earning 400 percent or less than the federal poverty level. The aforementioned demographic will receive subsidies to help them pay for their health insurance plan premiums. The amount of subsidy will vary, depending on their income.
The exchanges will not be populated only with bare-bones, high-deductible plans with few benefits. The law mandates that at least some of the policies offered in the affordable health insurance exchange markets cover essential medical services. Therefore, comprehensive plans will also be available to the self-employed. In the past, such plans have been out of reach for many of them.
(Image: : Damien under CC 3.0)
Yamileth Medina is an up and coming expert on Affordable Health Insurance and Healthcare Reform. She aims to help people realize that they can find a quality health insurance plan right now. Yamileth lives in Miami, FL.
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