Four Medical Insurance Options For Newly Self-Employed People

There are many reasons you may become self-employed. Perhaps you have decided to leave your job and start your own business, or maybe you have been laid off from your job and have decided to work for yourself. But whatever the situation, one of the biggest issues you will face is finding health care coverage. The following are four possibilities for getting health insurance.


This is an acronym for Consolidated Omnibus Budget Reconciliation Act. This was legislation that requires an employer to provide health coverage for up to 18 months after termination. The biggest downside to it is that it is expensive. On the other hand, you can have coverage while you determine whether your venture with self-employment is viable. It may be that you will need to work for someone else in the future.

Marketplace exchanges

As a part of the Affordable Care Act, certain private sector insurance companies offer policies to individuals. Because of government subsidies, these policies are sold at a lower cost. Not everyone qualifies for this insurance, and your premiums are determined by your income, and other factors, but it doesn't cost anything to apply, and there are no commitments. If you have recently lost your job, you may qualify for the special enrollment period.

Buy a policy directly from an insurance company

You can buy a policy yourself, but as an individual, this is the most expensive option. The lowest price policies to be found will be the ones with highest deductibles. Often called catastrophic policies, they begin to pay out only after the high deductible is met. After this, the policy may only pay a certain percentage of your bill until a higher dollar amount is reached. However, for those who are in good health, they can be a good option. Make sure you get quotes from several insurance companies to get the best deal.

Add yourself to your spouse's policy

This is an obvious option, but it needs to be mentioned because it may not be the best choice. If it is possible to be included on your spouses' policy, you still need to compare the coverage to other options, such as the ones listed above. Your spouse's policy may not be what you want or need. For example, changing to your spouse's policy may necessitate that you change doctors.

Before you embark on a career of self-employment, make sure that you have the question of medical coverage answered. Health care costs can add up quickly, and they can become devastating to your personal finances as well as hurt your chances of success working for yourself. For more information, contact a company like Quesenberry Agency For Blue Cross-Blue Shield.