Market Place place health insurance for contractors

[Sam Khan]

Hello,

Can anyone help me making a health insurance decision? I have family of three (wife and teen ager) I want health insurance from the market place (Obama Care). If you are above 400% or more, is it still cheaper to get the health insurance from the market place compared to other health insurance providers? I know I won't get any PTC but not sure if market place has good premium rates. Thanks  

[Sam Khan]

Sorry, forgot to mention that as a contractor you don't know how long contract will last. It may end in one week or may last 6 or 12 months. Contract work is always unpredictable.

[AmeliesUncle]

There is no 'discount' or anything for Marketplace insurance, so the prices are likely similar to elsewhere.  One pro for Marketplace insurance is that there could be plans for your specific area, with your specific medical institutions.  That insurance MIGHT be lower than other plans.  On the other hand, if you go to a non-Marketplace agent, they may be able to point to a plan that meets your specific needs, compared to some areas Marketplace options may be limited.

One other thing to consider:  If your contract does end early, might your income fall below 400%?  If so, you might qualify for a credit when you file your tax return if you have Marketplace insurance.