Obamacare & The Affordable Care Act Repeal For The Self-Employed: What’s Next?

Obamacare & The Affordable Care Act Repeal For The Self-Employed

Note: Almost Millions is following the ongoing changes to the Affordable Care Act/Obamacare in the wake of Donald Trump’s presidency. Hundreds of thousands of self-employed Americans rely on the ACA for their health insurance; this issue is of vital concern for many freelancers and 1099ers.

Here’s the good news for people getting health insurance through Affordable Care Act plans: It’s super-unlikely your health insurance is disappearing in 2017. However, Republican members of Congress are trying to pass a partial reversal of Obamacare… and this might lead to big changes to how much you pay for health insurance, and what services your insurer pays for.

Almost Millions recently covered what an Obamacare repeal would mean for the self-employed, but it’s important to keep track of the latest changes.

Obamacare & The Affordable Care Act Repeal For The Self-Employed: January 2017 Changes

According to the Los Angeles Times’ Soumya Karlamangla, repealing Obamacare is unlikely because it would require 60 Senate votes–something Republican politicians probably can’t pull off. Instead, they’re currently trying to guarantee a partial reversal through a budgeting process. This probably would not impact employer-sponsored insurance.

However, for self-employed workers and freelancers ranging from actors to accountants to yoga teachers, this partial reversal would likely lead to four consequences:

  1. Less insurance companies participating in state or national insurance exchanges.
  2. A sharp increase in monthly premium prices from insurance companies for Obamacare customers.
  3. Insurance companies offering Affordable Care Act customers fewer services and much more expensive co-pays, as well as higher caps.

Obamacare & The Affordable Care Act Repeal For The Self-Employed: What Happens Next?

Over President Trump’s first hundred days in office, politicians are looking for ways to reduce the cost of Affordable Care Act health plans. This may have a big impact on freelancers and the self-employed.

It’s unclear what will happen to the Affordable Care Act in the future, especially for the self-employed. If Obamacare is either repealed or nickeled-and-dimed into uselessness, this will be bad news for the wallets of self-employed entrepreneurs. Individual insurance policies outside the Affordable Care Act marketplace are likely to be a lot more expensive, to provide fewer services, and to exclude many entrepreneurs with pre-existing conditions.

Republican politicians argue that self-employed workers don’t have to worry because both Congress and President Trump will guarantee that Affordable Care Act/Obamacare provisions tay in place for up to three years, and then a new and better replacement system will be introduced. However, proposals for replacement programs such as House Speaker Paul Ryan’s Better Way still lack information on any key details for a replacement.

If you’re self-employed or a freelancer, contact your representative and tell them how much affordable insurance means to you as an independent entrepreneur.

Editor’s Note: Check out our previous coverage on what freelancers and the self-employed need to know about an Obamacare repeal as well.