The need for affordable individual health insurance is becoming more prevalent because of the rising numbers of self-employed. Entrepreneurs are changing the landscape. Home-based businesses are growing at a phenomenal pace. The enormous growth of small business has generated a greater demand for individual health insurance. This is a first time experience for many of these new start-ups. Group health insurance is provided by the employer. The employee that is enrolled in the company group health insurance plan rarely examines the coverage or the cost. This changes dramatically when they are forced into purchasing their own individual plan.
COBRA (the Consolidated Omnibus Budget Reconciliation Act of 1985) guarantees a continuance of coverage when you leave your employer. This coverage is made available for 18 months after you leave. You have a 60-day window after termination of employment to shop for your own individual health plan. This window of time is critical to the insurance shopping process. If you have any thought of leaving your employer then it is imperative that you investigate the availability of individual health insurance.
Individual health insurance is medically underwritten. That means that the insurance company will gather all applicable medical information on you and or your family to determine if they can offer you an individual plan. Pre-existing conditions are often eliminated and in some instances coverage can be denied.
Things to consider:
1. Health – Do not presume that you or any of your family is Insurable. There may be certain pre-existing conditions that are covered by some companies and excluded by others.
2. Self-Insuring – The higher deductible that you elect will decrease your premium dramatically. This is called self-insuring. Some companies have deductibles that go as high as thousands.
3. Insurance Company – There are many reliable insurance companies in the health insurance industry use their quotes to compare coverage.
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