The need for affordable individual health insurance is becoming more prevalent due to the growing number of self-employed people. Entrepreneurs are changing the landscape. Home businesses are growing at a phenomenal rate. The enormous growth of small businesses has generated greater demand for individual health insurance. This is a first experience for many of these new start-ups. Group health insurance is provided by the employer. The employee who is enrolled in the company's group health insurance plan rarely reviews coverage or cost. This changes drastically when they are forced to purchase their own individual plan.
COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) ensures that coverage continues when you leave your employer. This cover is available for 18 months after your departure. You have a 60-day window after termination to purchase your own individual health plan. This window of time is critical to the insurance shopping process. If you are considering leaving your employer, it is imperative that you investigate the availability of individual health insurance.
Individual health insurance is underwritten medically. This means that the insurance company will collect all applicable medical information about you and/or your family to determine if they can offer you an individual plan. Pre-existing conditions are often ruled out, and in some cases coverage may be denied.
Things to consider:
1. Health – Don't assume you or a family member is insurable. Some pre-existing conditions may be covered by some companies and excluded by others.
2. Self-insurance - The higher deductible you choose will significantly reduce your premium. This is called self-insurance. Some companies have deductibles of up to thousands.
3. Insurance Company - There are many reliable insurance companies in the health insurance industry that use their quotes to compare coverage.
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