subject: Self Employed Medical Insurance Provides Coverage For Entrepreneurs [print this page] Self employed medical insurance is the issue that is on a lot people's minds. With so many taking to their own business and leaving their employer many are looking to pay for their own insurance after years of an employer based plan. This can turn out to be very expensive.
But they still want coverage for themselves and for their families in some cases. Some who leave their jobs will take advantage of the COBRA coverage. This means they can keep their employer based health plan as long as they pay the premiums. The coverage is good for up to eighteen months.
Some states allow you to keep a version of your coverage past the eighteen months. But you cannot let the coverage lapse. Once you allow your COBRA coverage to lapse you will not be eligible for any state plan that allows you to extend it.
Once you let it expire however you cannot go back to that coverage no matter what. If you are with COBRA and you have a pre-existing condition you can sign up with a private insurance company and not be refused coverage. Any pre-existing condition can cause issues when it comes to coverage, if you do not take advantage of COBRA.
So the important factor all the way around is to make sure you know when your COBRA coverage expires and to act before it expires. If you have not had a private health plan before, that is if you have relied on having coverage through your employer for most of your life, you might be shocked at the price you will have to pay for your insurance coverage.
You will not get the good rate your employer got for you through the group rate. From a practical point the insurance company likes the group plan because it is easier to administer. And from a money point they get more money from the plan than an individual plan. So for them there is less risk involved and of course more profit. So expect to pay more for your coverage. And if you have a pre-existing condition or if you have a weight issue you will have to pay more also. But you can still find a good rate if you do your research.
by: Matheson Thumgard
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