March 18, 2022
Starting a new business is, ironically enough, one of the scariest and most rewarding things a person can do in this lifetime. The freedom of working for yourself provides great feelings of accomplishment, yet at the same time, the newfound responsibilities can be unpredictably overwhelming during the start-up and early growth phases. One aspect that often goes overlooked, is learning how to buy health insurance on your own, especially if you were previously covered under your former company’s employee benefits plan.
If the aforementioned scenario sounds familiar, and you don’t want to take the risk of going without medical insurance while starting your new business, there are plenty of options when it comes to buying healthcare coverage after venturing out on your own.
COBRA Continuation Insurance During Your Transition
If you were receiving health insurance benefits from your previous employer, you have the right to continue receiving them after you leave. Depending on the size of the company you left, you’ll be able to continue paying your premiums at full rate for a period of up to 18 months. If you haven’t received a COBRA or Continuation election form after your departure, be sure to get in touch with your previous employer, as they’re required by law to send it out in a timely manner.
If Applicable, Get Coverage from Your Spouse’s Plan
If you’re married, branching out on your own, and have a spouse or partner who works for a company that offers employee health benefits to their own staff, you should be able to get coverage under their health plan. In most cases the transition can be fairly simple, as these changes are typically handled by either the company’s human resource department, or the health insurance agent who manages their employee benefits.
Purchase Medical Coverage for Yourself and Family
One of the most popular and straightforward ways to go about enrolling in a health insurance plan, is to purchase coverage on your own. If you’re leaving your company outside the period known as Open Enrollment, you’ll likely have no problem qualifying for a Special Enrollment exemption. This allows individuals and families who’ve made significant life changes to buy health insurance at any point during the calendar year, even if Open Enrollment has ended.
Set Up a Group Health Plan if You’re Offering Benefits
If you’re going big, hiring a staff and planning on offering your employees health insurance benefits, setting up a group health plan is a smart move. There are a number of incentives for doing so, and many options to help keep your monthly premiums affordable while still providing quality coverage to your new staff. This is one area where you’ll absolutely want to work with a local health insurance agent who has experience establishing and managing employee benefits, as the process can be complicated and time-consuming for those doing it for the first time.
Learn More About Illinois Health Insurance Options for the Self-Employed
As one of the leading and most well-established health insurance agencies in the Chicagoland area, Premier Financial Insurance in Lisle has been helping entrepreneurs get the health insurance coverage they need for nearly 20 years. We specialize exclusively in health and medical insurance, and can help with everything from individual and family plans, to employee benefits, group healthcare management, subsidies, Medicare enrollment and more.
To learn more, speak with one of our licensed staff agents, or schedule a time to meet and discuss your needs, get in touch with Premier in Lisle today. We can be reached by phone at 800-369-0287 or write to us anytime by filling out the short contact form on our secure website.