Health Insurance For Self Employed
ByThe all-famous American dream - finding your niche and succeeding. Except how can anyone expect to be able to do that if it is so hard to find good health insurance for self-employed, especially if you have pre-existing medical condition?
For the young and healthy budding entrepreneurs, the insurance companies will definitely make a beeline for your door when they know you are in the market for insurance. That is because, one, you are still young and have a long way to go before retirement age, and two, you are healthy. Health insurance for self-employed is the individual health policy. This is much more expensive than the group insurance you would have as an employee.
If you have any plans to start your own business, plan well. Impulsive action to just quit and put up your business might succeed, but it will be a struggle from day one. If you plan your move properly, you can buy yourself some time, especially with health insurance.
The Consolidated Omnibus Budget Reconciliation Act (COBRA) of 1986 gives you the right to continue your health benefits for 18 months after you resign from your job. This means you still get to pay the low premiums, enjoy the benefits of a good health plan while starting and building up your business. The only requirement for eligibility is that you were not terminated for cause, and the company you were working for employs more than 20 workers.
This is especially advantageous to the ones with an existing medical condition. Under COBRA, you are covered for health insurance for an additional 63 days after the 18 months have expired as long as you find a new health insurance plan within that grace period. This 63 day period is vital for you because if you do not find a health insurance as a self employed during that time, you could face rejection from the insurance company you apply with, or be subject to a 12 month holding time before any claims from you will be entertained by the insurance company under a new policy.
There have been numerous true horror stories about the difficulties of finding good health insurance as a self employed, and while they may all be true, you do not have to go through that kind of experience.
For instance, if you have a working spouse, you will still be covered under your spouse’s group policy. If you are single, do your research very well. Most of your canvassing can be done online. Insurance companies, brokers, and providers will break their backs to get your business, so ask for a customized policy that will attend to all your needs. Getting health insurance for healthy, self employed Americans is so easy, you might get carried away with a lot of promises and come-ons.
Be sure to check the insurance company you are thinking of doing business with. You can even check with your state insurance office to know more about the reputation of the company.
When your business starts growing, you can consider shifting to a group health insurance for your company. This will lower the monthly premiums. Since you will be asking for a group rate, you could still request for a customized plan made out for your company’s specific needs.
Health insurance for self employed should be one of your priorities as a new entrepreneur. Many companies have gone under because they failed to see the logic behind a good health plan, and have buckled under the pressure of sudden and unexpected medical emergencies.
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