Posted by : Dan Levenson Sunday, November 23, 2014
Self-employment can be liberating but it does have its downsides. One of these is the lack of health benefits. Thankfully, the Affordable Care Act allows for entrepreneurs to acquire NJ health insurance plans much more easily– here’s what you need to know about it:
Mandatory Health Coverage
One of the most prominent provisions of the ACA, also commonly called Obamacare, is quite simple: affordable (and mandatory) health insurance coverage for every American. This provision gives employers the responsibility of getting insurance for their workers– all taxpayers should have at least minimal coverage by this year, otherwise the IRS might end up penalizing offenders. For this year, the tax penalty will either be 1% of income or $95.00, whichever is greater.
No more Coverage Denial
Insurance providers are no longer allowed to deny coverage to anyone with a preexisting condition as part of attaining their primary goal– this is great news for the self-employed who would otherwise have to pay the IRS fine. Moreover, you can no longer be charged with higher rates based on your race or gender, nor can your insurance provider hold your claim back the moment you get sick. You can also obtain tax credits from your insurance.
Look for a reliable provider to gain these benefits. Many New Jersey health insurance providers will be more than willing to help you get the best coverage you can afford.