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Covered California and Obamacare related questions from consumers, employers and agents are answered by Phil Daigle with the best information available at the time. Archived entries may no longer be accurate as the Covered California and Obamacare knowledge-base is evolving quickly. TO REQUEST A PERSONAL RESPONSE INCLUDE EMAIL ADDRESS.

Is Bronze HSA Plan Good Idea for Self-Employed?

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Question: I will need to buy health insurance due to job loss. I am going to be completely self-employed. I understand there is a regular Bronze plan and a HSA Bronze plan. Which is better for a healthy couple who expect little medical care? Please consider that self-employed deduct medical insurance paid on their income taxes.

Answer: ​Yes. I recommend the HSA compatible Bronze plan for healthy self-employed people because you can take advantage of the added tax benefits. Your premium payments are tax deductible to the business and any money you contribute to your HSA account is also pre-tax - up to $6,750 per year for a couple. You can use your HSA savings to pay for out of pocket medical expenses - copays and deductible - with pre-tax dollars.


Who cares what plan you get…because no doctor in california will take you anyway! What a joke!

While the Bronze/HSA combination is the only one available (due to the “High Deductible” requirement, you should also evaluate the potential for maximum out of pocket expenses in one year (which for you and your spouse combined are roughly double the amount you can contribute to your HSA in 2016 … $6,650 [+$1,000 “catch up” contribution if either of you is age 55 or older]).

Depending on your income, taking advantage of premium tax credits, maximizing contributions to your and your wife’s ROTH IRAs instead of the smaller HSA limit, and the reduced out of pocket exposures in Silver, Gold, or Platinum plans (and any potential Cost Sharing Reductions at the Silver level based on household MAGI) could be more favorable and cost less money in the long run when you consider that nearly 100% of your medical expenses will be out-of-pocket up to the Bronze deductible amount.

Using the services of a knowledgeable agent or Life & Disability Insurance Analyst may save you many sleepless night by properly evaluating your unique situation and making the most suitable recommendations. It costs you nothing but the time it takes to do this.

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