NASE Blogs

Health Reform: Keeping The Plan You Have

Jun 24, 2010

When it comes to health insurance, self-employed business owners have long purchased health coverage in the individual market or obtain coverage through a spouse. The new health care law, the Affordable Care Act, offers micro-businesses and the self-employed the choice to keep the plan that they already have, provided it meets certain requirements. Some of the most widely touted benefits under the new law for individuals include:

  • No lifetime limits on coverage for all plans;
  • No rescissions of coverage when people get sick and have previously made an unintentional mistake on their application;
  • Extension of parents’ coverage to most young adults under 26 years old;

Visit the Obama Administration’s designated page for questions on what new benefits apply to your current plan, what additional benefits apply if you choose a new plan or if your current plan forfeits its grandfather status, and what changes would cause your current plan to forfeit its grandfather status.

The law includes a tax credit for small business premium contributions. It also offers coverage for certain preventative services with no cost sharing and patient protections such as guaranteed access to OB-GYNs and pediatricians. In 2014, health insurance Exchanges will offer additional savings, similar to that which Members of Congress receive.

For more details and Frequently Asked Questions on how your current health plan fits into the new health care law, visit healthreform.gov/NASE/grandfathering.html.