Insurance

ACA Markets for Buying Health Insurance

Self-insured employees are responsible for their own healthcare. As part of the Affordable Care Act (“ACA”), there are now Health Insurance Marketplaces which you can access to shop for insurance. More information can be found here.  Most ACA plans come in four categories: platinum, gold, silver, and bronze. These are designed to cover 90%, 80%,…

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Alternatives to ACA Plans

There are some private companies that offer benefits to individuals who do not have employer-sponsored plans available to them. If you know you’re healthy and don’t want traditional insurance (although, this can be risky as you never know what can come your way) these could be viable alternatives to an ACA plan. Many of these…

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ACA Tax Credits

The ACA provided tax credits for self-employed people. Tax credits are available to anyone making 100% to 400% of the Federal Poverty Level (“FPL”), if you don’t have access to Medicaid or employer sponsored coverage (more info can be found here). For 2020, the upper limit for coverage eligibility is an annual income of $49,960…

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Special ACA Subsidies for 2021 and 2022

As part of a Covid-19 stimulus bill passed in March 2021, there are additional subsidies for 2021 and 2022. For 2021 and 2022 the law got rid of the income limit on premium assistance, meaning some people with incomes as high as $149,000 can benefit. Because of the enhanced subsidies, people with non-ACA compliant plans…

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Healthcare Deduction from Taxes

Most self employed workers can deduct premiums paid for health insurance, dental, and certain long-term care insurance. This is typically a large deduction, so you should make sure you qualify. To benefit from this deduction, you must not be eligible for an employer sponsored plan, either from your employer or your spouse’s. If you meet…

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High Deductible Health Plans (HDHPs)

In recent years, as individuals have become more responsible for their healthcare, there has been an increase in high deductible health plans (“HDHPs”) offered by insurers. A deductible is the amount of healthcare spending that the individual is responsible for paying themselves before the health insurance kicks in and starts covering payments. Generally, an HDHP…

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Health Savings Accounts (HSAs)

A health savings account (“HSA”) is a tax-deductible savings plan that you can contribute money to for healthcare expenses. This is similar to how a retirement saving plan works – the money that you put into the account is deducted from your income for tax purposes, thus enabling you to save money in a tax…

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Business Insurance

Business insurance offers protection against significant risks to the business. There are different types of policies to cover different types of risk. The business (also called the “policyholder” or the “insured” in this context) pays a fee called a premium to the insurer to maintain the policy. The premium is often charged monthly or annually.…

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