Forums: Discussions for entrepreneurs and small business.

I have several opportunities available to me right now that would allow me to start and run my own company. However, everytime I sit down and evaluate each option, I ultimately end up being discouraged by my health insurance issues.

I could always get an individual insurance plan, but for what my wife and I need, it would cost us a minimum of $700/month. I am curious to find out how other entrepreneurs have handled the health insurance issue.

What other options do I have?
Are there any companies out there that offer really good plans for start-ups?
How do you handle your health insurance?

Thanks in advance for any tips or advice!

Aaron


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Advice for Entrepreneurs and Small Business Owners: http://www.cinventure.com

Aaron,

Your best bet on health insurance is to visit www.ehealthinsurance.com . On that website is where you can get quotes from all of the major health insurance providers. That is basically where you will find the most competitive quotes and from the real insurance companies.

I hope that helps. Also depending on what state you are from there also may be different rules and regulations set up for your state.

You might consider asking for a very high deductible... For instance, you pay the first 3,000 of medical expenses per year. At $3,001 the health insurance kicks in. Your monthly premium can drop by more than half if you`re willing to go with that type of plan

Hi Aaron,

Your problem is a common one today.  There are a few options, shopping on ehealthinsurance.com being among them.  One thing to keep in mind that whatever you find in the market will likely be inferior to the types of medical benefits you have had as an employee.  Second the insurance like that at ehealthinsurance.com is medically underwritten, which means you need to be relatively healthy to get it, and certain pre-existing conditions may not be covered.

Here are two other options (and I would shop on ehealthinsurance too), first check with your local chamber of commerce, or see if there is a trade association you can join that might get you access to health insurance.  Secondly, as soon as you get a couple of employees you can start to look at `group plans`.  This is where you will want to work with an insurance agent that specializes in employer group benefits.  You should expect the agent to help you find a plan, fit it to your budget, and help you support it.

Hope this helps!  Good luck and if you want any more information just let me know.

 

 

 

christopher,

great stuff! when can we get an article from you to put in the StartupNation newsletter on this topic?

rich

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Rich Sloan , Co-Founder, Chief Startupologist, StartupNation

I am actually going through the motions of making contact with Texas High Risk Health Pool. It is a federal law that you have to have an option for healthcare. Keep in mind that if you are eligible for COBRA that you have to have exhausted those timelines in order to be eligible for the coverage outside of COBRA which can be anywhere from 6-18 months depending on your previous employer. Now in order to get group plans in most cases you have to have 2 employees within your company who are both recieving a w-2 on payroll. I hope that helps.

Good question and great replies.

Just wanted to say thanks because I went on after reading the
posts to www.ehealthinsurance.com and found several quotes
that are 2-3 times less a month than my current carrier! This
means more money I can spend starting my biz!

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A turtle never gets anywhere without first sticking its neck out.

Glad I could help!
These really are some great replies with some great information. The insurance issue has been a really big sticking point with me, but now I think I have a lot more information to work with.



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Advice for Entrepreneurs and Small Business Owners: http://www.cinventure.com

Mentioned above was about joining a trade association. Good idea. One to check out is the NFIB - National Federation of Independent Businesses - www.nfib.com - they offer group plans because they have a lot of members. Good organization to belong, too, anyway. Worth looking into. Good resource for small business (no offense, SuN - I like this place, too)

Plus, congress is close to passing a law to make it easier for companies to band together and be able to get group rates like big companies. Keep an eye on this legislation - it is important to small businesses all across America.

R@

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Richard Arnold · Key Concept Writers · Business Communication: The "Key" To Success· Law of Attraction Blog · Life Ain`t Brain Surgery Blog

I can agree that starting your own business is great, however, the insurance segment can be quite tricky.  I have friends in business for themselves and they are currently looking for some type of coverage.

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