Subsidized Insurance

Subsidized insurance is not being afforded to every citizen, but it is being offered to all those citizens who fall within the government guidelines according to the Internal Revenue Service. Currently, there are about thirty million to forty million citizens who qualify for government-subsidized health insurance, but where do you and your family members fit?

Will the subsidized health insurance be an asset for the small business owner and the self-employed individual or will it become another obstacle in the way of individual progress? At the moment, it would be in the interest of the self-employed to try to locate an affordable self-employed health insurance to protect him or her, and any immediate family members.

It is a continuous risk to remain without even low-cost health insurance because catastrophic events can occur when you least suspect it to happen. You still have a few years before the mandated government-run health insurance plan is in full effect. This will offer you plenty of time to research and learn which self-employed health insurance will suit the needs of your family.

In the future, when the health insurance exchanges are established fully, many self-employed individuals will have an opportunity to visit and see if self-employed health insurance coverage through the health insurance exchanges (i.e. NY State of Health) is available to them and at what cost. However, there are still another three years before you will have to make a decision.

If you choose not to purchase any affordable self-employed health insurance by that time, you will be facing a penalty that will be issued through the Internal Revenue Service. They also have the authority to choose a health insurance plan that will accommodate you and your family members and mandate that you pay. You will have the opportunity to visit in person and discuss your issues.

Another option to shop for self-employed health insurance is through the internet. This will be a viable option that many who are self-employed will find an asset in saving valuable time. The less you are away from your business I more valuable insight for you. What your health insurance subsidy would be is determined by your annual income as presented on your Internal Revenue Service Form 1040 and adjoining Schedule C.

This is based on how far removed you and your self-employed business are from the baseline, which is considered the poverty level. The further away you are financially, the less government subsidy you will receive.