BENEFITS

Growing BusinessBENEFITS

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  • The Basics of the Affordable Care Act

    Game Plan

    In-Depth

    If You’re Self-Employed

    Get covered, claim an exemption, or pay the IRS. You’re now required to either have health coverage that qualifies as “minimum essential coverage” or make an “Individual Shared Responsibility” payment when filing your 2014 federal income tax return.

    “Minimum essential coverage” includes:

    • Employer-sponsored major medical coverage (including COBRA and retiree coverage)
    • Major medical coverage purchased in the individual market
    • Medicare Part A coverage
    • Medicaid coverage
    • Children's Health Insurance Program (CHIP) coverage
    • Certain types of veterans health coverage
    • TRICARE

    Visit your state’s online health insurance marketplace. New online health insurance marketplaces offer health coverage to self-employed individuals. They include four levels of benefit packages with a range of cost and coverage levels. You and/or your spouse and dependents might qualify for premium tax credits and cost-sharing reductions, which could help reduce the costs of purchasing insurance from these marketplaces.

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    Game Plan

    • Under certain circumstances, you may not have to make an Individual Shared Responsibility payment. Get more information from this fact sheet on Individual Shared Responsibility.
    • Get more information on online health insurance marketplaces here.