Healthcare 101 For Entrepreneurs And Their Family

While it has become easier for many people to find affordable healthcare options, that is not always the case for entrepreneurs. If you have just started a business and are wondering how you will be able to find health insurance that will be affordable while at the same time providing coverage to you and your family, you are not alone. To help navigate the entrepreneurial healthcare maze, here are some tips you should keep in mind during your search.

Don’t Slip Through the Cracks

First of all, don’t let you and your family slip through the cracks and wind up with no coverage at all. Like most people, you should take advantage of the open enrollment period for the federal government’s Healthcare Marketplace to find health insurance that will meet the needs of you and your family. This can be critical, since choosing insurance through the Marketplace will ensure you cannot be turned down for coverage if you or family members have preexisting conditions.

COBRA is Expensive

If you happen to be a new entrepreneur who recently left a job, you may want to keep your previous employer’s health insurance by taking advantage of COBRA. However, having health insurance through COBRA is often much more expensive per month than if you choose a Marketplace policy, so keep this in mind. Also, COBRA coverage will only extend for a maximum of 36 months, so eventually, you’ll have to find affordable custom health plans anyway. Companies like Optimized Health Plans typically have a customization option to get the right coverage for you and your family. By going through a company that works with individuals to customize plans, you’ll more likely be able to save money where it’s ok to save money so that you can ensure your money is going where you need it to go. 

Does Your Spouse Still Work?

If you are married and your spouse is still working at another job that offers health insurance, you can simply just choose to rely on this insurance for you and your family’s medical needs for the foreseeable future. By choosing to do this, you can take the money that may have been spent on health insurance premiums and use it to continue building your business.

Short-Term if All Else Fails

When you have no other viable options for getting health insurance and are not at a time of the year for an open enrollment period, you may need to consider purchasing what is known as short-term health insurance. Available from most companies, the good news is that it won’t cost you very much each month. However, the downside includes it may not offer much coverage, and may also be difficult to obtain if you or any family members have chronic medical conditions, such as diabetes.

By looking over all available options and starting your search for health insurance well in advance of when you will need it, you and your family can have the coverage needed to weather any storms.