Self employed medical insurance is the issue that is on a lot people’s minds. With so many taking to their own business and leaving their employer many are looking to pay for their own insurance after years of an employer based plan. This can turn out to be very expensive.
Some people still will have coverage even when they are self employed through the COBRA coverage. This is the plan that allows people to keep their employer based health insurance coverage even if they have left the company. This coverage is good for up to eighteen months.
You might live in a state that lets you continue your coverage for an extended period. So make sure you do not let the coverage expire before you look into that option if your state offers it. This can be an expensive way to get coverage, as you are paying the full premium and do not have a choice in plans.
If you currently have COBRA insurance and are self employed you will be able to sign up for a private insurance plan and will not be able to be denied coverage based on pre-existing conditions. If you don’t take advantage of this, you may have problems finding coverage for any pre-existing conditions.
So the important factor all the way around is to make sure you know when your COBRA coverage expires and to act before it expires. If you have not had a private health plan before, that is if you have relied on having coverage through your employer for most of your life, you might be shocked at the price you will have to pay for your insurance coverage.
You will not get the good rate your employer got for you through the group rate. From a practical point the insurance company likes the group plan because it is easier to administer. And from a money point they get more money from the plan than an individual plan. So for them there is less risk involved and of course more profit. So expect to pay more for your coverage. And if you have a pre-existing condition or if you have a weight issue you will have to pay more also. But you can still find a good rate if you do your research.
When it comes to self employed health insurance coverage, it is vital to shop around online to find the best self employed health plan that offers you the coverage you need at a premium that is affordable.
Tags: business health insurance, business medical insurance, group health insurance, group medical insurance, health insurance, medical insurance, self employed health insurance, self employed medical insurance