Good news! For the first time in U.S. history, health insurance for self-employment has reached the lowest uninsured rates ever, thanks to premium tax credits and other savings in health care insurance plans. Health insurance deductibles and health insurance monthly costs in general, are the lowest and most affordable they have been for self-employed workers in U.S. history.
Take a look at the steep plunge in the percentage of uninsured people from 2010 to 2015, only to rise during the pandemic before taking another dive. This trend is expected to continue spiraling until the uninsured rate in this country reaches 0%, thanks to affordable health insurance plans for the self-employed worker.
It is notable that self-employed workers represent the highest rate of uninsured individuals in the history of health insurance in the U.S. You could argue that the spirit of self-reliance that defines the American character is finally receiving its much-deserved healthcare benefits.
Statistically, self-starters between the ages of 26-34 working in the service industry represent the highest percent of the uninsured population in the United States. The second highest is between 35-44-year-olds. These numbers are dropping along with health insurance monthly costs.
Americans have learned to appreciate the value of service workers during the pandemic restrictions. We all love going out to eat and getting our hair and nails done. But living without these and many other services previously taken for granted, put such a strain on the economy that we now realize how valuable and necessary these service providers are.
To learn more about the uninsured visit “Who are the Uninsured? at Census.gov. As of 2020, 28 million people remained uninsured, or 8.6 percent of the population. While this is a big DECREASE from 2010, the number spiked again to 30 million, and it is now seeing another downward curve.
Self-employed individuals have historically been unable to afford private insurance. Small business owners, freelancers, handymen, nail technicians, hair stylists—service workers of all kinds— usually have no type of health insurance and are known to be the last to visit the doctor.
One out of four uninsured people between 26-34 years of age and one out of five between 35-44 are self-employed. The majority of these uninsured workers, or 54.6 percent, are males. If you or anyone you know is uninsured, the health insurance Florida marketplace is the place to go for health insurance quotes and help lower the percentage of uninsured individuals so that everyone in America is insured.
Another quick fact reveals most uninsured population lives in the south; four out of ten are white, while 6 out of ten uninsured are Hispanic. The Department of Health and Human Services reports that the pandemic-caused spike in the number of uninsured is heading south again as more people take advantage of recent tax credits for the self-employed.
Percent of individuals under age 65 who were uninsured by race from 2010 – 2019
Everybody deserves affordable healthcare, being able to meet health insurance deductibles, low health insurance premiums, and health insurance for self- employment is finally attainable to individuals and families. More than ever before in the history of health insurance in the U.S., affordable healthcare plans are available to self-employed individuals—the backbone of America.
Self-employed individuals who can’t work or must stay at home to care for a child or other family member for Covid-related reasons can apply for Paid Sick Leave and Family Leave Tax Credits. You can claim up to 10 days at a maximum amount per day on your 2020 self-employment taxes.
To learn more about these benefits for the self-employed go to small business coronavirus relief options.
At last, if you are Self-Employed and Uninsured, you are now eligible to get health insurance in Florida at affordable rates through the Affordable Care Act in the Health Insurance Florida Marketplace.You have options to enroll in a flexible, high-quality individual health insurance plan. Talking about your options to a specialized health insurance broker is the first step to better healthcare and less stress. It’s a matter of trusting that the odds are finally in your favor for better healthcare in America’s history.
How much you are eligible for in premium tax credits and other savings depends on your income and household size. Estimate your health insurance deductible and premium savings before filling out an application here.
Before getting into the several types of health care plans there are, let’s make sure the following terms don’t confuse you:
- Deductible: How much you have to spend before insurance starts to pay covered services.
- Premium: The monthly cost of your health insurance plan.
- Out-of-Pocket: The most you must pay for covered health services.
- Cost-Sharing Reductions (CSRs): Discounts that lower the amount you must pay for deductibles, co-payments, and co-insurance. You will have a lower out-of-pocket maximum.
- Premium Tax Credits: A tax credit you can use to lower your monthly insurance payment, or premium.
- Federal Poverty Levels (FPLs) – If your income falls between 100% and 400% of the Federal Poverty Line, you qualify for premium tax credits. Your monthly premium will be lower. If your income is 400% above the FPL, you may still qualify for premium tax credit.
To be eligible for a Premium Tax Credit (PTC), you must
- Be enrolled in a Marketplace health insurance plan.
- Not be eligible for coverage through an employer.>
- Have an income between 100% to 400% of the Federal Poverty Line (You may be able to claim PTC if your income is lower than 100% of the FPL).
- Not be claimed as a dependent by someone else.
- Not file your taxes under “Married Filing Separately” (except when abuse or abandonment is claimed).
Choose From 4 Types of Health Insurance PlansThere are four different metal categories of health insurance coverage: Bronze, Silver, Gold, and Platinum. These metal plans are based on your share of the health care cost.
The more the health insurance company pays the higher the metal. You pay 40% of the healthcare cost share in the (1) Bronze category, that means the company pays 60% of the healthcare costs.
You will be responsible for 30% in the (2) Silver category, 20% in the (3) Gold, and 10% in the (4) Platinum. But there is a catch. While in the Bronze category Premiums are the lowest, the cost of care is the highest when you need it.
The deductibles you pay are the highest before insurance starts paying, therefore, although your monthly premium is low, you will end up paying for most of your routine healthcare.
The Silver category offers moderate monthly premiums and costs. You must choose a Silver Plan to get the “extra help” for which if you qualify. More of your routine care is covered under Silver metal plans than the Bronze. Gold plans have high monthly premiums but low costs when you need care, and deductibles are typically low. This is a desirable choice for individuals who expect to get a lot of medical services in a year. Finally, the Platinum metal category plans have the highest monthly premium and the lowest cost share for health care services you receive in a year. Nearly all costs are covered with Platinum plans.
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