ACA Compliant Medical for Independent Contractors
posted by TrueNorth Transportation on Tuesday, January 31, 2017
ACA OPEN ENROLLMENT IS
NOVEMBER 1, 2016 - JANUARY 31, 2017
Are you Prepared?
As an independent contractor, it is difficult to find ACA compliant medical coverage that is affordable for you and your family. In addition, managing your business and personal risks are hard and making wise decisions about your insurance benefits requires thoughtful planning. At TrueNorth, we've developed solutions to help take the burden off of you. TrueChoices is our benefits program for Independent Contractors. We offer competitive, stable rates for ACA compliant major medical and other ancillary coverages.
Many people get tripped up when asked to select benefits for themselves and their families because these decisions can be complicated. Follow these tips to make the best medical insurance decisions for you and your family.
- Assess your health and the health of your family members before making any selections. For instance, plans with higher monthly premiums and lower co-payments and deductibles are best for those who will use a lot of health care services over the course of the year. Yet, healthy individuals and families may save a great deal by selecting a plan with low premiums and a high deductible.
- Examine how you allocated benefits last year beyond just health care - retirement, dental, vision, etc. If you invested in some of these benefits in the past and did not use them, consider omitting this time around.
- Utilize your TrueChoices advisor. TrueChoices advisors are equipped to help you consider your claims from the previous year and then determine which plan would be most appropriate in the coming year.
- Before selecting a plan, verify that your doctor and hospital of choice are part of the network of health care providers that are covered. If they are not included, you will pay significantly more for their services.
- Participate in wellness and disease management programs to not only become healthier but to also receive potential discounts on your health benefits.
- Don't Delay - there may be tax penalties for individuals without compliant health insurance. Under the Affordable Care Act (ACA - Obamacare), you may incur tax penalties for non-compliance. Those tax penalties include:
Individual Mandate Tax Penalty
| | 2016 & 2017 |
| Penalty AGI | Min. Penalty |
| Single | 2.5% | $695 |
| Individual + Spouse | 2.5% | $1,390 |
| Four-Person Family | 2.5% | $2,085 |
| One Adult, One Child | 2.5% | $1,042.50 |
Still feeling overwhelmed? The TrueChoices team is only a phone call away and is prepared to:
- Educate you on potential tax penalties and gaining compliance under ACA
- Help you determine if you're subsidy eligible for the Public Exchange Programs
- Navigate the Public Exchange or TrueChoices Private Exchange Major Medical Options
- Identify additional ancillary coverage needs, such as: limited medical, dental, vision, disability, accident, critical illness and life