Friday, January 28, 2011

If I incorporate my small business, can I buy health insurance that will cover a pre-existing condition?

I really want to start my own business, but can't leave my job because I need the health insurance. Although I can buy private insurance, it won't cover pre-existing conditions. I have two that require medicine, but probably nothing much beyond that. If I form a corporation, will I be able to buy private insurance that covers my pre-existing conditions?
--------------------
Each state has different laws governing the insurance carriers in each state. That being said, it is likely that you can get a small group plan, and your pre-existing conditions would be covered immediately because you can prove continuous coverage, (employers plan.) Most likely you would not need to be incorporated, and would not need to purchase COBRA coverage if your effective date on the small group plan dove-tailed with your last day of employment. That's the good news. The bad news is that, in general, group insurance rates are about double that of an individual plan. If at all possible to obtain an individual/family plan, (even with a waiver or two,) I would consider this. If your pre-existing conditions are not too serious or expensive to maintain, it may well be worthwhile to purchase an HSA, (Health Savings Account,) qualified plan, paying for any medications/office visits with pre-tax dollars.
Source

No comments:

Post a Comment