Insurance is generally available by full-time employers
all over the country. However, it is a common misconception
that when you become self employed, insurance is extravagant
in expense and the coverage mediocre. By following a few simple
tips, the self employed can discover that self employed medical
insurance is no longer out of reach and can be attained at
a price that fits into any budget.
COBRA
The first thing you need to do after deciding to leave a traditional
place of employment to start your own business is to utilize
the Consolidated Omnibus Budget Reconciliation Act (COBRA) if
you are eligible and were not fired for incompetence or gross
negligence. In the past however, the cost of coverage through
COBRA was astronomical because you will not have an employer
to pick up all or even a portion of the price tag. However,
this year has brought about some wonderful changes.
According to the U.S. Department of Labor, the American Recovery
Investment Act of 2009 under COBRA allows individuals to only
pay 35% of their COBRA premiums and the other 65% will be
reimbursed through tax credits to the health plan coverage
provider. See their site for more information, http://www.dol.gov/ebsa/COBRA.html.
Act Quickly
Once you have made the break from employee to employer you
will want to act quickly when finding a new health insurance
coverage policy. The law allows you 63 days at the end of
your COBRA benefits to have a new policy in place. This law
guarantees you fair coverage with no additional pre-existing
conditions. However, if you wait and your grace period expires,
insurance companies are not required to insure you, especially
if you or a family member has a pre-existing condition.
Compare Self Employed Medical Insurance Rates
and Save
Getting the best rates for health insurance for self employed
persons may require a little background work. You don't want
to jump into a policy that is not right for you or one with
premiums or deductibles that are out of your reach. Medical
insurance is extremely important to the comfort and peace of
mind of any business owner. OnlyInsuranceQuotes.com provides
a fast and easy way for you to compare up to eight high quality
insurance carriers with just a few key strokes. Simply click
on the form and fill in the information at the top of this page
and be on your way to comparing the insurance companies that
want your business.
Higher Deductibles Mean Lower Premiums
When looking at the different rates and policies that are available
to you, it is best to understand how some companies seem to
offer the lowest rates. Make certain before you select a company
or a policy that you know how they make those rates available
to you. For example, one carrier may offer extremely low premiums
for your coverage. However, the deductible for that policy will
often be comparatively high. Verify that you understand both
the premium and the deductibles that are being offered in order
to customize the policy to you and your needs. Typically, the
higher the deductible you pay, the lower the premium and vice
versa.
Grow Your Business
As your business continues to grow and you find yourself hiring
more and more employees, you may be able to save even more money
by accessing employer associations and obtaining group policies
that will lower your costs even further. You will also check
with the company that you originally select as your provider
and inquire into their group plans. |
