How To Buy Low Cost Health Insurance

If you are self-employed in Charleston SC, Charlotte NC, Atlanta GA or Miami FL, then it's likely you are already comparing ACA Obamacare Health Insurance Plans. Mortgage Brokers and Real Estate Agents are a massive population of the self employed, as are Lawyers, CPAs and other Independent Consultants. All of these self-employed individuals are required by the Affordable Care Act (ACA) to purchase individual health insurance, unless covered by a group health insurance plan.

Many of us are annoyed that we are now mandated by the government to purchase health insurance. It's a complex subject, especially if you are very healthy and almost never go to the doctor. Why should you have to spend your money on health insurance if you don't want to! It's a perfectly valid point. Is it fair that people now have to pay a fine if they don't purchase or don't have health insurance coverage... probably not, but we're all in the same boat and we just have to accept it for now. By the way, the fine is 2% of your income in 2015, and 2.5% of your income in 2016, up to the average cost of a bronze health insurance plan, but most people don't realize until they file their taxes!

On the hand, there are people who need or want health insurance urgently who somehow missed the Obamacare Annual Enrollment Period (AEP) which runs from November 1st to January 31st. This is even more frustrating, that some may have to wait until November again. So what do you do? Firstly, do not despair. You may still be eligible to purchase health insurance between February 1st and October 31st. The government calls this a Special Enrollment Period. If you can answer 'yes' to any of the below situations, then you may be able to get low cost health insurance.

So what can you really do, and where is the best place to start to keep your health insurance costs low? Well, the easiest place is check out an independent private marketplace like www.MyHealthInsuranceUSA.com which links through to multiple insurance companies, calculates your tax subsidy and compares a variety of health insurance plans. It's a good idea to do this well in advance of November 1st. If you want really specialized advice, contacting a financial advisor who has a lot of experience with tax, insurance, and financial planning.

* Remember, if you need health insurance urgently, and missed the Obamacare Annual Enrollment Period (AEP) which runs from November 1st to January 31st, you may still be eligible to purchase health insurance between February 1st and October 31st. The government calls this a Special Enrollment Period. Get in touch to see if you qualify.

The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Hedges Wealth Management.

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