Being self-employed is hard. There are so many things to remember and keep straight. In order to help you out we found this article with information on what you need to know in 2015 about Obamacare. We hope it helps you better understand everything!
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From the article:
Open enrollment for 2015 health insurance under the Affordable Care Act starts this Saturday, Nov. 15. Here’s what self-employed business owners should know.
Will the online signup system actually work this year?
“One would hope so, but all we can do is guess until it actually goes live,” says Michael Mahoney, senior vice president at GoHealth, a private health insurance exchange that facilitates signups through the state and federal marketplaces. “We’ve been working hand-in-hand over the summer and they’ve made a lot of improvements. Of course, the bar was set really low last year.”
One potentially hopeful sign: Kevin Counihan, who led Connecticut’s largely successful state-run health insurance marketplace, Access Health CT, has been tapped to lead the federal marketplace.
Does that mean self-employed people should give the federal or their state marketplaces a try?
Well, if they don’t, they could miss out on the government subsidies that a majority of marketplace enrollees took advantage of this year, according to the Department of Health and Human Services. Individuals making up to $46,680 and families of four making up to $95,400 annually could be eligible for a tax credit to reduce their monthly premiums.
That’s the carrot. Here’s the stick: The penalty for not buying insurance is going up The penalty for not buying insurance is going up. The $95 penalty in 2014 wasn’t enough to persuade some uninsured people to wade into the marketplaces and buy coverage. In 2015, that number goes up to $325 or 2% of household income, whichever is greater. “When you look at how much pay you have left after rent, your cell phone bill and other fixed expenses, spending 2% on a penalty” — and still not having insurance and preventive care — is a bad deal, Mahoney says.
So, no more uncertainty — Obamacare is here to stay, right?
Not so fast. About 7.1 million people got 2014 health coverage through the Obamacare marketplaces; the Department of Health and Human Services estimates that between 9 million and 9.9 million people will get marketplace coverage in 2015. But the new Republican majority in Congress is still talking about repealing the law. Though that would surely meet a veto from President Obama, a more serious development could throw the ACA into disarray. The United States Supreme Court said last week that it will hear another challenge to the law that could end subsidies for people in states that didn’t build their own health insurance marketplaces. Stay tuned.
Read the entire article here: http://mashable.com/2014/11/13/obamacare-self-employed/