If You’re Self-Employed
When the Affordable Care Act was passed and went into effect, it included a requirement that everyone have health coverage that qualifies as “minimum essential coverage,” or pay an IRS penalty—this was known as the “individual mandate.”
Although the mandate was repealed, it remains in effect for 2018. The repeal is effective 2019.
“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; and
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 also qualify for premium tax credits and cost-sharing reductions, which could help reduce the costs of purchasing insurance from these marketplaces. To find your state’s online health insurance marketplace and get coverage, visit healthcare.gov.