What Self-Employed People Need to Know About Healthcare
The United States is one of the few nations without a fully functional healthcare coverage program. US citizens from different social backgrounds have access to different healthcare and health insurance options. For instance, senior citizens receive Medicare, a subsidized medical cover offered by the federal government while the low-income population has access to Medicaid, another low-cost coverage offered by both the federal and state governments. For the majority of US citizens, health insurance is provided by their employers. So where does that leave you as a self-employed individual? Read on to discover what options are available for you and how Advohealth can be a great advantage.
Limited Health Insurance Options for the Self Employed
For a long time, self-employed individuals grappled with the issue of obtaining health insurance coverage. Many could only obtain coverage through their employed spouse with a job that provided family health insurance cover. Those who couldn't afford this option were locked out of insurance coverage altogether. Consequently, many remained stuck in their jobs due to this inability to afford healthcare outside their jobs.
The Affordable Care Act enacted in January 2014, saved the situation and gave the self-employed a reprieve and saw many Americans ventured into self-employment. ACA's greatest advantages are that having an insurance cover is no longer mandatory neither can you be penalized for non-compliance. It also changes the process of obtaining insurance. Through its online health insurance marketplaces, you can purchase coverages available in your region by applying online. Ideally, you can use the government's exchange portal at www.healthcare.gov though there are other state-owned marketplaces you can choose from. Essential health plans provided in the marketplaces include:
● Ambulatory services
● Emergency
● Maternity care
● Mental health care
● Substance addiction treatment
● Rehabilitation services
● Laboratory services
● Prescription drugs
● Pediatrics
Health Insurance for Your Employees
As an employer, you are required under ACA to provide health insurance benefits if you have 50 and above full-time employees. This rule also applies if your employees are below 50 but work for more than 30 hours a week. You and the employee share the cost of the monthly health insurance premiums. Depending on the state where your business is located, you may be required to pay 50% for each of your workers' health insurance premiums. However, you can receive a tax deduction if you qualify for the Small Employer Healthcare Tax Credit.
This Tax equals half of the employee's total health insurance premiums. This tax deduction benefit only applies if you have 25 or fewer full-time employees and paid not more than $54,200 in wages in the 2019 financial year. Documents required to provide health insurance benefits to your employees include copies of tax, legal, and accounting documents. These documents must meet the requirements for health insurance group coverage. You will be required to submit the following to verify the legitimacy of your small business and proof of tax compliance:
● Business description
● Business physical location
● Payroll records
So Where Does Advohealth Membership Program Come In?
Given the challenges faced by many self-employed individuals in obtaining affordable health insurance coverage, Advohealth Membership Program helps fill the gap by providing unlimited access to health care services at an affordable monthly subscription. As an Advohealth member, you and your family as well as your workers can access a doctor anytime anywhere, seven days a week, thirty days a month, and twelve months a year. What's more, you receive a discount of up to 80 percent on any prescriptions as well as treatment at any specialty health facility in the United States. Advohealth packages and benefits include:
● Unlimited access to a doctor and medical services anytime, anywhere with an 85 percent off prescription. This package is available to families with no health insurance coverage whatsoever.
● Access to medical care from the comfort of your home. This is a perfect package for families without Telemedicine
● Unlimited healthcare services to part-time employees or the self-employed with no health insurance coverage
● Access to Teledoc, RxValet, American Air Assistance, Teladoc, and Healthcare Bluebook.
All these benefits are available at less than $1 a day. Advohealth Membership is open to the self-employed, full or part-time employees, insurance agents, families with small children, or families with no coverage. Membership is available at $25 per month per family with the first 500 subscribers enjoying a free first-month membership program. If you would like to learn more about Advohealth, please contact us. We'd be more than happy to help.