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Tag Archives: Obamacare

Things People Don’t Always Tell You About Being Self Employed

challenges of being your own boss

I’ve been my own boss for all but three of the 16 years of my professional career. I don’t regret it for one minute, but there are lots of thing people don’t tell you being self employed. Yes, you get to call the shots, set your own hours, and the sky is the limit as to how much income you’re able to earn. There are also some more challenging aspects to consider before pulling the plug on your day job. Health Care is Probably Worse Than You Thought I really hoped the Affordable Care Act, otherwise known as Obamacare, would fix the last hurdle that keeps many people working in jobs they despise. Who doesn’t know someone who stays in a job solely for the benefits? I know that for many lower income workers, Obamacare has been a blessing, but for just as many it’s been a curse. I had a long conversation with my insurance agent last week to try and feel out the overall climate now that the ACA is in full swing. He confirmed what I suspected, at least in Colorado. Yes, Obamacare has helped tons of people enroll in insurance, most of them being people who ...

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The Pros and Cons of Obamacare-Part I

Unless you are fortunate enough to live on a secluded tropical island, you are probably aware of the new changes in health care in the US by way of the Affordable Care Act, commonly known as Obamacare.  I wanted to wait a few weeks after the grand launch to see how things would shake out before offering my opinions. I don’t know that I can say one way or another if this plan is what our country needs to get healthcare under control, but I do see some positives and negatives with Obamacare. We’ll start with the bad first so we can finish on a good note! Cons   Cost– For most young  to middle age people who make more then 400% of the poverty level, your insurance premiums will go up because you won’t qualify for any subsidies. I fall into this category. For a family of three, the cutoff is about $78,000 per year. My current insurance policy has a $10,000 deductible and costs $190 a month for myself and our six year old. (Jim has a good plan at his job) We got a letter stating that our plan was “grandfathered in.” That means we don’t have ...

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Obamacare: Should I Take the Penalty Instead of Purchasing Health Insurance?

A big part of the Affordable Care Act, commonly know as Obamacare, starts on January 1, 2014, and it requires everyone to have health insurance unless you meet one of a few exceptions. If you choose not to have health insurance, you will be subject to a tax penalty. If you don’t already have health insurance, could it make financial sense to take the penalty instead of purchasing a policy?   Saving Money By Not Buying Insurance Let’s look at it from a purely financial standpoint. I will use a friend of mine as an example. We’ll call her Irene. Irene doesn’t have health insurance and has a decent job at a small business that doesn’t offer a group policy. Because her employer only has a few employees, they are not required to offer insurance under the Affordable Care Act. Her husband and step-daughter have coverage through his job. Irene has no coverage for herself and her daughter, and they don’t qualify for state aid. For the two of them, it will be around $250 per month.She is a smoker and has a higher rate due to that status. The penalty for not getting insurance is $95 per adult or ...

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