What to Do If You Have Access to Employer-Provided Health Insurance on the ACA
If you’re self-employed and have health insurance through the Affordable Care Act (ACA), you may be wondering what happens if you’re offered employer-provided health insurance. Here’s what you need to know:
Will You Qualify for ACA Credits?
Generally, if you have access to employer-sponsored health insurance that meets minimum value standards and is affordable (less than 9.12% of your income in 2024), you will not qualify for ACA premium tax credits. This means you’ll have to pay the full cost of your ACA plan.
Treating Health Insurance Costs as a Business Expense
If you lose your ACA credits and end up paying for your health insurance out-of-pocket, you may be able to deduct these costs as a business expense on your taxes. This can help offset the cost of your health insurance.
Other Options
If you’re concerned about losing your ACA credits, there are a few other options to consider:
Negotiate with Your Employer: You may be able to negotiate with your employer to have a waiting period before you’re eligible for their health insurance. This would give you time to continue receiving ACA credits.
Consider Part-Time Work: If you work part-time for two or more employers, you may not be eligible for employer-sponsored health insurance from either of them. This would allow you to keep your ACA credits.
Explore Other Health Insurance Options: There are other health insurance options available outside of the ACA and employer-sponsored plans. You can work with a licensed health insurance agent to find a plan that meets your needs and budget.
Conclusion
Having access to employer-provided health insurance can impact your ACA credits and out-of-pocket costs. By understanding the rules and exploring your options, you can make an informed decision about the best way to get health insurance. Remember, it’s important to consult with a licensed health insurance agent to ensure you have the right coverage for your individual circumstances.
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