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If you are self-employed, one of your top priorities should be to find a health policy that will provide you with the proper amount of coverage. If you have left a job at which you were covered by insurance, you can choose to invoke your rights to COBRA coverage for a short period of time. Although this will still allow you to take advantage of group health rates, it can still be far more costly than if you were to obtain your own coverage. In addition, this type of policy can only remain in place for up to 18 months.
Since COBRA can only be in place for up to 18 months, it is a good band-aid to use until you obtain your own employment health insurance. If you have planned your departure from your employer well in advance, you might want to consider changing to a less expensive plan during open enrollment. That way, the COBRA costs won’t be as high during your transition period. In addition, be certain to sign up for new health coverage within 63 days after your previous coverage has expired. That way, any pre-existing conditions you might have will be covered by the new policy.
If you did not have previous coverage, however, you certainly won’t have much time to spare when it comes to obtaining coverage. If you are purchasing just for yourself, you will likely be a bit shocked by the cost. This is because employers are able to offer discounted prices because they have group policies. As a result, most workers pay only an average of 28% of the actual cost of the coverage when they receive coverage through their employer.
If you are a business owner that employs other people, on the other hand, you might be able to reduce the cost of your healthcare by offering group health benefits to your employees. Nonetheless, unless you employ a large number of people, your cost will likely be more than what you were paying when you were employed.
Another option that many small business-employed people choose is to open a health savings account coupled with a high deductible insurance policy. With this combination, you can save money on a tax free basis with your medical savings account and any money you do not spend toward medical expenses can then be applied toward your retirement. The high deductible medical, on the other hand, will cover you if you experience a serious injury or accident during the year.
When you do purchase your business owner’s insurance, be sure to compare the offerings of a variety of different providers. By utilizing online resources such as Advantage Insurance, all you need to do is provide some information on the online form and then you will be matched up with companies that offer the type of coverage you are looking for. With this information, we will contact the appropriate companies and they will then get in touch with you with their policy offerings.
After you do receive offerings from various companies, be sure to compare more than just the premium costs. You should also consider any applicable deductibles, co-payments, and co-insurance costs. If you select a provider from Advantage, you can be certain the company you work with has a solid reputation and offers great coverage. If you decide to select a company in another manner, be certain to check into that company’s reputation for providing coverage to its members in a timely, no hassle fashion.