If you are intending to start your own business, then self employed medical insurance is crucial for you. It will protect you from all the liabilities that arise from your accident or ill-health. Studies reveal that exorbitant medical bills compel thousands of people in the U.S. to file for bankruptcy.
Here are a few tips that will help you to find the best health insurance plan within your budget:
Take advantage of COBRA - While you were in job, your employer was sponsoring your medical insurance plan. After you leave the job, yon can continue to keep the same insurance policy for about 18 months, as per the health provisions associated with COBRA (Consolidated Omnibus Budget Reconciliation Act, 1986).
In order to hold on to the health insurance plan, you would have to ensure that 3 conditions are fulfilled viz:
- The company that you left had more than 20 employees
- You weren’t expelled from the company because of negligence or incompetence
- You are ready to bear the full coverage cost
According to the Act, you would have to find the new self employed medical insurance plan within 63 days. If you fail to do so, then either your medical insurance application will be rejected or your new policy would leave out the pre-existing health condition for a year.
Join your spouse’s plan - If your wife is working, then you can easily join her health insurance plan and thereby save lots of money that is spent on maintaining separate insurance plans and policies.
Complete your homework - If you wish to buy a new self employed medical insurance policy, then conduct a comparative study to ascertain the kinds of plans available, the different benefits that they can provide and how much premium you would have to shell out to get the best coverage. This comparative analysis will help you to find the best insurance policy.
Take the help of insurance agent - A proficient insurance broker can also help you to track down the best self employed medical insurance plan. Interview a few agents, compare their profiles and check the state insurance commissioner’s office to determine whether any complaints have been filed against the broker or not. National Association of Health Underwriters is a trustworthy place to find a reputed insurance agent.
Professional employers’ association - With time your business is bound to grow and you will certainly hire new employees to manage your organization properly. At this stage, it would be more feasible to buy self employed medical insurance from a professional employers association. Here you can get good policies at a reasonable price.
Mail this post