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Self Employed Health Insurance Guide

self employed health insuranceHealth insurance is undergoing a dramatic reform that can affect anyone, even people who are self-employed and providing their own health insurance coverage. Keeping up with the new laws can be confusing, but here are some basic points that may help you out in your search for affordable health insurance.

Coverage will be required. In 2014, anyone who is not on a health insurance plan, either group of individual, will be subject to federal penalties being levied against their income taxes. You cannot be arrested for not having insurance, but you could forfeit a portion of any income tax refunds you would otherwise be entitled to.

Health insurance will not become free, but provisions will be put into place for those who cannot afford full price coverage. If your annual income is 400 times the federal poverty level income or less, you will be eligible for tax incentives that will help you get medical insurance coverage. If you do not make enough to afford insurance even with that assistance, your only option may be to use government sponsored health insurance such as Medicaid insurance.

Health insurance companies will not be able to deny you coverage due to preexisting conditions, even if you have been denied in the past, Under the HealthCare reform, everyone is entitled to insurance, regardless of their documented health situation. Similarly, if you have a child or other dependent who has been denied coverage, the new law will prevent insurance companies from denying them, and you can keep your kids on your health insurance until they reach the age of 26, regardless of whether or not they are still enrolled in school.

Nobody is perfect and mistakes in your paperwork can happen. Because of this, health insurance companies will be prohibited from denying coverage or canceling existing insurance due to mistake in administrative or application paperwork. Deliberately falsifying information can still cause you to lose your coverage, but you won't have to lose sleep worrying about whether or not you wrote the correct date for when you had your appendix removed.