Self Employed, Can’t Afford Coverage, What Do I Do?
I moved from Louisiana to Florida I don’t have a job yet, I applied for one. I’m self employed fixing cell phones and computers.
I have small family me, my wife, and my son. My brother applied for Obama care yesterday he told me his monthly bill will be $160.00 a month. He is single. I cant afford this amount every month.
I need help thank you.
Answer
Cost assistance is based on income. As a self-employed individual you can write off 100% of your premiums (including dental and long-term care coverage) from profits. This should allow you to project an income above 100% of the Federal Poverty Level to qualify for maximum cost assistance.
NOTE: For others, if your state expanded Medicaid, make sure to estimate costs above 138% of the Federal Poverty Level to ensure that you get Marketplace cost assistance and not Medicaid if that is what you want.
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Can you expand a bit on your answer? What if you had no profits (or even a loss)? How does writing off premiums project income above (e.g. $11,770)?
Got it, what I meant here was that if a person had made over 11,770 they could write off a portion of expenses to bring their MAGI down (but keep it above 100% FPL). This would expand credits they could claim at the years end. There are specific rules for itemized medical deductions, but they are fairly favorable to the self-employed. We detail more tips and tricks here: https://obamacarefacts.com/self-employed-health-insurance/
So my wife and I are self employed make less thank 30,00 a year and income fluctuates in a year to year basis and o did I mentions she is pregnant. We had Obama cars for 2016 with help with tax credits which as a great help but for 2017 I found out our rates have nearly tripled up to the pint were we will be paying up 300 for premium costs. Now let’s not forget that we make less than 3000 a year and that fluctuates, I can’t afford to pay 300 a month for insurance. O and they said now my wife qualifies for badger care So that’s all fine and stuff but for a single person me who has to get coverage or apt a penalty ridiculous amount of 300 dollars a month sorry but I can’t afford that so my wife and I decided that for the 2017 year I go with out the insurance and we’ll pay the 700 tax penalty and maybe next year revisit it and pray to god that we qualify for some tax credits. Ugh I really hate ACA I understand it’s needed but the hike that it increased to and how it works against husbands with pregnant wife’s is so unfair.