Self Employed Medical Insurance Coverage Choices Including Federal Health Care
One of the main reasons would-be self employed often stated for not pursuing the business of their dreams was the inability to get reasonably priced individual health insurance. Instead, these entrepreneurs have been staying in their health benefit-laden jobs that they hated.
All this can now change as the Affordable Health Care Act of 2010 has brought with it several federally funded or federally mandated self employed health insurance options. There are three new types of health insurance a self employed individual or family or a would-be entrepreneur can now benefit and get the health coverage she needs to get on with her business. These are: health coverage through a parent for the entrepreneur 25 years old or younger, individual child-only insurance for her children, and pre-existing health coverage plan through the federal government.
Health coverage for entrepreneurs under 25 years or younger
The new option for our youngest entrepreneurs is to stay insured through their parents until the age of 26. As long as one of their parents has group insurance through work that allows the participation of "dependents", any child under 26 can sign on. There are no pre-existing condition clauses in group insurances, and the definition of a "dependent" has been broadened to mean any child under 26, regardless of where they live, of their marital status, and whether they are considered a "dependent" on the parent's tax return. This is probably the most likely health insurance for young self employed people.
Entrepreneurs children 19 years and younger
Some would-be entrepreneurs needed to stay on the company's payroll and continue with their jobs because this was the only way their child who had pre-existing condition, can get health insurance. Under the Affordable Health Care Act, all insurance companies must offer child-only health insurance to any child under 19 years old, regardless of the child's pre-existing condition.
The parents can finally become entrepreneurs regardless of the health insurance cost of their child.
Anyone with pre-existing condition can apply for PCIP
Finally, thanks to the funding of the Affordable Health Care Act of 2010, anyone with pre-existing condition can apply for the federally funded PCIP plan, or Pre-existing Condition Insurance Plan. These plans are federally funded, and include a few high deductible health plan options with attractive premiums, that recently underwent a 40% cost reduction. The PCIP plans cover pre-existing conditions, pregnancy, and have no income requirements. The requirements have recently been reduced too. The applicant must submit a letter by a health care professional (which includes doctors, and nurses), stating that the applicant has or has had a pre-existing condition. In addition, the applicant must be without any health insurance for the past six months before the application. That is basically it.
The already-entrepreneurially bent country has now become even more entrepreneur-friendly. The expensive self employment health insurance premiums are no longer excuse not to start the business of your dreams.
All this can now change as the Affordable Health Care Act of 2010 has brought with it several federally funded or federally mandated self employed health insurance options. There are three new types of health insurance a self employed individual or family or a would-be entrepreneur can now benefit and get the health coverage she needs to get on with her business. These are: health coverage through a parent for the entrepreneur 25 years old or younger, individual child-only insurance for her children, and pre-existing health coverage plan through the federal government.
Health coverage for entrepreneurs under 25 years or younger
The new option for our youngest entrepreneurs is to stay insured through their parents until the age of 26. As long as one of their parents has group insurance through work that allows the participation of "dependents", any child under 26 can sign on. There are no pre-existing condition clauses in group insurances, and the definition of a "dependent" has been broadened to mean any child under 26, regardless of where they live, of their marital status, and whether they are considered a "dependent" on the parent's tax return. This is probably the most likely health insurance for young self employed people.
Entrepreneurs children 19 years and younger
Some would-be entrepreneurs needed to stay on the company's payroll and continue with their jobs because this was the only way their child who had pre-existing condition, can get health insurance. Under the Affordable Health Care Act, all insurance companies must offer child-only health insurance to any child under 19 years old, regardless of the child's pre-existing condition.
The parents can finally become entrepreneurs regardless of the health insurance cost of their child.
Anyone with pre-existing condition can apply for PCIP
Finally, thanks to the funding of the Affordable Health Care Act of 2010, anyone with pre-existing condition can apply for the federally funded PCIP plan, or Pre-existing Condition Insurance Plan. These plans are federally funded, and include a few high deductible health plan options with attractive premiums, that recently underwent a 40% cost reduction. The PCIP plans cover pre-existing conditions, pregnancy, and have no income requirements. The requirements have recently been reduced too. The applicant must submit a letter by a health care professional (which includes doctors, and nurses), stating that the applicant has or has had a pre-existing condition. In addition, the applicant must be without any health insurance for the past six months before the application. That is basically it.
The already-entrepreneurially bent country has now become even more entrepreneur-friendly. The expensive self employment health insurance premiums are no longer excuse not to start the business of your dreams.
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