April 2, 2015
Regardless of whether you've recently left your job to start a small business, or are making plans to branch out on your own, buying health insurance is something that many entrepreneurs will have to deal with; some quite possibly for the first time in their careers. This was a big decision even before the days of subsidized US healthcare. Today it can mean the difference between getting the right coverage, and getting stuck in a plan you can't change for close to nearly ten months.
Let's review some of the most important questions to ask before shopping for a self-employed health insurance plan on your own.
Who Needs Coverage?
This sounds simple enough, but there are a lot of variables to take into consideration. First, are you married or single? Does your spouse work, and if so, does the option exist to receive health and medical benefits under their plan? If you're an individual, will you need coverage for just yourself or do you have dependents? And let's not forget about those who will be employing a staff right away. Are you planning on offering your employees health insurance? If so you might definitely enjoy reading more about individualized groups plans.
What Type of Coverage is Needed?
When you're getting your health insurance from the company you work for, everything is laid out nice and neat. When you're on your own, you need to remember that "medical insurance" does not automatically include ancillary coverage such as dental & vision, life insurance, disability, supplemental insurance, AD&D and others. This is one of the many reasons why it's crucial that budding entrepreneurs work with a local, licensed health insurance agent who understands the vast scope of today's evolving healthcare system.
How Much Can I Afford Each Month?
Another seemingly no-brainer sort of question, but one that often gets grossly overlooked as a result of haste, confusion and overconfidence. Be realistic in how much you can afford to spend on coverage for you, your family and staff, while staying mindful of deductibles, out-of-pocket maximums and hospital networks. When contemplating how much you can afford to spend on health insurance, it can also be helpful to first determine whether or not you're eligible for a health insurance subsidy under the Affordable Care Act.
Do I Qualify for Health Care Subsidy?
Again, this is an area where an ACA-savvy agent can save you considerable time and money. Most new business owners are surprised to learn that they can get healthcare tax credits if they're just starting off, as well as reduced premiums upon meeting the income requirements as defined under the Affordable Care Act. Finding out, however, can be a time-consuming and confusing task when going about it alone for the first time. And unlike in the past, fixing even a simple mistake can require significant chunks of times spent on the phone or waiting on hold.
Expert Service, Affordable Health Insurance for Entrepreneurs
If you're unsure on how to begin the process of shopping for Illinois health insurance, but not looking forward to spending hours online researching, Premier can help. Call our Lisle/Naperville office at 800-369-0287 to schedule a free consultation, or write to us through our secure website.