Health insurance companies can offer a variety of forms of coverage for self employed people. Depending on your health and any pre-existing conditions, you may be eligible for individual health insurance which covers major medical or catastrophic health insurance coverage. You may also want to look at high risk coverage.
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The best way to figure out what options are available to you is to get free online quotes on your self employed health insurance needs. As you do this, you will discover if you easily qualify for individual coverage. If you are being rejected, you need to start looking at the options for high risk health insurance.
What if I’m newly self-employed?
If you are about to start out on your own, pause for a moment and consider your health insurance. It is one of the things which keeps people working at jobs that they do not like. Having good health insurance coverage is very important! It’s one of the things you risk when you become self employed.
Luckily, there is COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) for those who have good coverage in their present workplace. COBRA allows you to extend your existing health insurance coverage with your employer for up to 18 months after you leave. To learn more about this program go to the COBRA website.
An important thing to remember about COBRA is that you have to be the one to initiate the continuation of coverage. It is not automatic and if you miss the window of opportunity, you will be out of luck. COBRA can also be costly because you will have to pay your own portion and the employer’s portion. However, it is still a very good way to continue coverage, especially if you have a pre-existing condition.
If your spouse’s employer offers health insurance, the most affordable way for you to have good health insurance is to get added to that policy. Find out when you can be added to the policy and maintain coverage without a break until that time.
Are there options for pre-existing conditions?
It is always a challenge for those with pre-existing conditions to find health insurance. If you fall into this category and do not qualify for COBRA coverage, you need to start examining high risk health insurance companies and coverage options.
Luckily there are 34 states that offer a high risk health insurance pool for those who struggle to find individual health insurance coverage. There you will find the coverage you need, although it often comes with a high premium. However, many consumer protection guidelines to keep you from being taken advantage of by such group health insurance pools.
There are also certain states that offer guaranteed coverage: New York, New Jersey, Massachusetts, Maine and Vermont. This can be a big relief for self employed individuals with health issues living in those states. Essentially, all insurers there must offer coverage without medical underwriting.
What is available?
If you are self employed and looking for individual health insurance companies, it is important to understand the different forms of health insurance. Major medical coverage which provides coverage for chronic and acute illness, injury and preventative care is the most common form of coverage.
Catastrophic health insurance is a high deductible plan. This type of policy protects you in the event of serious injury or illness. Consult the Insurance Information Institute in order to learn more about health insurance. When you know which type of plan you would prefer to carry, it is time to shop around.
How can I make a good decision on insurers?
Check out a company’s reputation before taking out a policy with them! You need to look at both their customer service reputation and their financial stability. You can easily find out what a company’s customers are saying about them these days by doing an online search for complaints or reviews of the company. Just remember that consumers tend to be more vocal when they are unhappy.
To learn about a company’s financial stability, you need to get information directly from one of the independent insurance ratings companies, like A.M. Best, Standard & Poor’s, or Moody’s. These companies assign letter grades to companies based on their ability to meet their financial commitments, both present and future. If a company’s rating is an A or B, keep it on your list of possible choices. Otherwise, look elsewhere.
Take the first step by typing your ZIP into our FREE search tool and start looking at health insurance quotes now!