 Being self-employed can be a lucrative business; however one of the major issues for those who work for themselves is health insurance. Health insurance is usually quite expensive and for those people
who do not have group health benefits from a work place to fall back on, finding inexpensive health insurance is one of the primary goals.
The good news is that there is a way to find health insurance if you work for yourself and it doesn’t have to cost you an arm and a leg to get it.
Striking out on your own from a job
If you’re leaving a job to start your own company, and your former employer had more than 20 employees and a benefit plan, you can continue with the group health benefits for up to 18 months after you leave your job; this is mandated by the Federal Consolidated Omnibus Budget Reconciliation Act (COBRA). Of course, you’ll have to pay for the coverage but this affords you the time to find the best plan for yourself and can help you save money – group rates are usually much less expensive than individual policy prices.
Check Out State Health Insurance Programs
Some states offer in-state health insurance programs for entrepreneurs and home-based businesses. This can be a wise choice in terms of cost if your state offers health insurance programs. You can search the Internet or call your state office to find out if there are any individual programs available in your area.
Talk To Your Current Insurance Agent
You may be able to get health insurance from your current vehicle and home insurance agent; many insurance agencies offer a variety of insurance policies and packages. You may qualify for a discount on your insurance policies (vehicle and home insurance inclusive) by adding health insurance to your policy load with the same company or agency. Insurance agents or brokers offer you a variety of choices in insurance companies to choose from – they act independently of the companies and usually have quite a few companies to choose from when placing your insurance. This helps you to get the lowest possible price on your insurance policies as a whole.
The first step you should make is to talk to your insurance agent and ask for some health insurance quotes. You can also ask your agent if they offer any discounts for multiple policies. If they don’t, you can call other insurance brokerages or agencies and find out if they offer discounts – it might just be worth your while to move all of your insurance policies to one agency, brokerage or even insurance company – especially if you are going to get a policy-wide discount on all of your insurance.
Getting Health Insurance Quotes
Ensure that when you are getting health insurance quotes that you are giving identical information to each of the companies/brokers/agents. This will ensure that you have solid comparisons to choose from. You should also ask for equal insurance options from each company – when you’re comparing quotes, even one different aspect in the policies being quoted can have drastic effects on the overall cost. Talk to your agent about how you can lower the cost of your health insurance, such as increasing the deductible or choosing different health benefit options.
How To Get Health Insurance If You Have a Precluding Illness
Having a precluding illness, such as diabetes or cancer, usually means it’s difficult to get health insurance. Most often, standard health insurance policies will not accept people with a precluding illness, however you can check to see if your home state offers a “guaranteed-issue plan” – these have higher premiums and are typically used in situations where people need health insurance but already have an illness that precludes them from standardized policies. You may also be able to look at buying an indemnity plan – these have high deductibles and in many cases don’t allow benefits for your precluding illness but will provide benefits for other health issues.
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