How Will Health Care Reform Affect Health Insurance Quotes for Self-Employed?
Posted Jan 02 2010 9:43am
According to the article “Americans Would Feel Varying Effects From Health Bill” by John Fritze for USA Today, the self-employed are among some of the most affected by the recent passing of the health care bill by Congress.
The article points out that those who buy their health coverage on their own, as opposed to through an employer, will feel some of the biggest changes under the new health care bill. Along with most Americans, the new bill will require the self-employed and independent contractors to carry health insurance coverage by 2014 or otherwise face a penalty. Health insurance quotes for the self-employed can be expensive and many choose not to be protected because of this. About 1/3 of the 22 million self-employed Americans do not currently have coverage. This number is bound to change in the coming years.
For those who are eligible to receive subsidies, health insurance rates will fall by about 59% on average, but this is only available to those making less than $43,320 per year. The Congressional Budget Office estimates that the non-group insurance market prices may go up by as much as 13% and this will prove very challenging for the self-employed with slightly higher incomes as they are finding health insurance.