The House Insurance Built
Risk Management for Builders & Contractors

Chapter 2: Understanding Construction & Contracting Insurance Policies
Part 2.3: Business Insurance Basics: Health Insurance

The Affordable Care Act has shaken up the health insurance industry as we know it. It's now mandatory for individuals to carry Health Insurance, even if they are self-employed. As a self-employed person, you may be eligible for lower insurance premiums or tax credits. Plus, now that coverage is also available to everyone, you can't be charged more or turned away for preexisting conditions.

You can meet your health coverage requirements by purchasing a policy through the Individuals and Families Marketplace during the annual open-enrollment period. Depending on where you live, you may be able to save money by shopping the Marketplace exchanges, whose plans range from bronze to silver to gold to platinum. The metal categories correspond with the quality and price of the coverage.

For example, platinum plans come with the most comprehensive coverage, the highest premiums, and the lowest deductibles. By contrast, the bronze plans traditionally have more limited coverage, lower premiums, and higher out-of-pocket spending.

Small-business owners are not required to offer health insurance to their employees. However, if you'd like to find a healthcare program for your workers, you can do so on the SHOP Marketplace.

Next: Part 3: Essential Insurance Coverages for Independent Contractors and Construction Businesses

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The House Insurance Built: Risk Management for Builders & Contractors
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