I'm thinking about starting a business but I'm worried about health coverage for myself and my family. At work, our health plan is so expensive (if I had to pay for the whole thing), so I'm cautious about the cheap insurance I see advertised all over the place. Is low cost individual health insurance for real or a scam? What do I have to watch out for in looking for coverage? Thanks.
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Low cost individual health insurance can be for real - just make sure you know what coverage you're getting first. I'd recommend that you look closely at the level of coverage provided by your employer plan and make sure that the quote you get is close to matching that coverage (unless you don't need it of course). Individual plans may be cheaper because they have a higher deductible, or don't cover certain services (maternity is frequently left off of these plans). Also, with group insurance (what a large employer has), everyone gets the same rate of coverage, regardless of past medical history. This could be why your employer plan is higher cost (if you're young and healthy). If you're older and prone to illness, an employer plan could provide huge savings. These are just a few things to consider. There are actually a lot of additional tips online. Check out http://www.low-cost-individual-health-insurance.org if you want to find some additional things to look out for and some good, reputable sites to get quotes from. Good luck with your business if you decide to go for it!
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