7 Answers For the Self-Employed About Ohio Health Insurance

Like so many things in life there are benefits and risks to being self-employed. The great thing for you is that in an economy like this where many employees have been laid off you do not have to worry about your health insurance and being laid off. One thing you may have to think about though, is Ohio Health Insurance. Because if you do not work for a company that offers health insurance you will need to make sure that you have purchased health insurance for your family and yourself by January 1, 2014 when the Affordable Care Act goes into full effect. Learn as much as you can now about being self-employed through this series of questions and answers.

1. “I plan to become self-employed. How do I keep my health coverage?” If you are not currently self-employed but plan to become self-employed before January 1, 2014 you may want to look at COBRA. COBRA stands for Consolidated Omnibus Budget Reconciliation Act, which allows you to take the coverage you have currently at your job and keep that same coverage for up to 18 months until you find new Ohio Health Insurance. Unfortunately since you would have left your job you will be paying 100% of the premium since your past employer would no longer be helping do so.

2. “Beyond COBRA health insurance coverage, what are the health insurance options for the self-employed?” Find a trusted Ohio based insurance broker and he will be able to help you find a health insurance plan that works best for your situation and finances.

3. “My employer-sponsored benefits covered a pre-existing condition. Can I still get coverage for that condition if I become self-employed?” For the first 18 months when you can be on COBRA, you cannot be denied coverage because of your pre-existing condition. Check with your broker when you switch to an individual Ohio health insurance plan and see if you can continue with a similar plan after COBRA. Some states will let you switch plans without denying you for pre-existing conditions.

4. “Are there other ways to keep health insurance as a self-employed individual if there is an issue in the health history of one of my family members?” The only option that you would have would be if your spouse has coverage through their work that you can put the family on. Since they already have a plan through work they could add the family without the risk of anyone being denied coverage.

5. “I live in a ‘guaranteed issue’ state. How does that help?” If you live in a guaranteed issue state than insurance providers in that state have to offer you health insurance no matter what your health conditions are. Of course some situations do not apply, so check with a local insurance broker to see if your situation would.

6. “Is a health insurance risk pool an option where I live?” The option that people now have who have pre-existing medical conditions is to be enrolled in a “temporary national high-risk pool”. Once the Affordable Care Act is put into full effect on January 1, 2014 all people in the national pool will be put into “state health insurance exchanges”. This will help cover some of your medical coverage since you have a pre-existing condition.

7. “Can the self employed deduct the cost of their health insurance premiums?” Yes, the self-employed can now claim Ohio health insurance as a business expense and it will be deducted from their federal income tax.

It is important when starting to look into being self-employed that you understand how it will change your options for health insurance. Now that you know how you would be affected you can decide if being self-employed is the best option for you and your family. When looking for insurance it is advised not to look too much into the “association endorsed health insurance plans” because they can come with to many loopholes, talk to your broker more about it today.