As the number of people who work for themselves goes up, more and more people need affordable health insurance for themselves. The world is changing because of entrepreneurs. The number of home-based businesses is growing at a very fast rate. Individual health insurance needs have gone up because small businesses have grown so much. Many of these new businesses are doing this for the first time. The employer pays for health insurance for the group. The worker who is signed up for the...
As the number of people who work for themselves goes up, more and more people need affordable health insurance for themselves. The world is changing because of entrepreneurs. The number of home-based businesses is growing at a very fast rate. Individual health insurance needs have gone up because small businesses have grown so much. Many of these new businesses are doing this for the first time. The employer pays for health insurance for the group. Employees who are part of their company's group health insurance plan rarely look at what is covered or how much it costs. When they are forced to buy their own individual plan, this changes in a big way.
The Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) makes sure that you can keep your coverage even after you leave your job. You can still get this coverage for 18 months after you leave. You have 60 days after leaving your job to look for your own health insurance plan. This window of time is a very important part of shopping for insurance. If you are even thinking about leaving your job, you need to find out if you can get individual health insurance.
Individual health insurance is based on a person's medical history. That means that the insurance company will collect all relevant medical information about you and/or your family to decide if they can offer you an individual plan. Most of the time, pre-existing conditions aren't covered, and sometimes coverage can even be denied.
Things to think about:
- Wellness Don't just assume that you or anyone in your family can be insured. There may be some pre-existing conditions that some companies cover and others don't.
Self-insurance Your premium will go down a lot if you choose a higher deductible. This is what's known as self-insurance. Some companies have deductibles that can reach thousands of dollars.
- Insurance Firm In the health insurance business, there are a lot of good insurance companies. Use their quotes to compare coverage.
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