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Get Group Health Insurance for Your Business
from: InsuranceDealTime.comLeaving corporate America means freedom to start your own business, freedom to do whatever you want, freedom with your family and you also have all the time in the world to do whatever you want.
However, leaving your old company to start your own small business may mean leaving the benefits you formerly have in the company. One such benefit is being a member of their group health insurance.
A group health insurance is a form of health insurance offered by businesses to attract and keep good employees. This is also one of the main reasons why many people, even if their not satisfied with the job, will not leave their career in a certain company. Besides, who wouldn't want cheap health insurance with good coverage?
Many of today's health insurance policies are very expensive or low cost but with only minimum coverage. You want a low cost health insurance with good coverage. Group health insurance can offer this advantage because your company will be paying most of your monthly premiums.
However, if you want to go solo and start your own small business, you can have freedom, but having no health insurance for yourself and your family should always be considered. Here are some options you can consider if you decide to solo and leave the benefits your former company offers you.
The first and by far the most common thing people do to get cheap health insurance is through getting coverage under their spouse's health insurance plan. As long as one member of couple is working in a company that offers group health insurance, you and your family can still get cheap insurance by getting covered by your spouse's group health insurance.
The next choice for you if you leave corporate America is by COBRA. This option allows you to be still a member of your former company's group health insurance. However, this is only temporary and your employer will not pay for the monthly premiums as they have before. You will have to pay for the whole monthly premium and retain membership on a limited time only. This can be expensive because your old company will never pay part of the monthly premium. However, it can still be more affordable than purchasing individual health insurance. This serves as a temporary solution until you find a good and low-cost health insurance policy for you and your family.
The next option for you would be joining a cooperative or an organization of small business owners. There are available organizations for self-employed or small business owners that combine their buying power to get low-cost group health insurance.
The last option would be getting your own group health insurance. Because you will be starting your own business, you can get affordable rates for group health insurance. Some insurance companies offer this kind of health insurance to encourage small business owner to get health insurance for themselves and their employees.
However, in order to be qualified for this, you need to register your small business, and have at least two employees to a maximum of fifty employees. Also, your employees should be permanent. Temporary employees and contractual employees will not qualify.
Whatever kind of option you want, it is important to remember that there is always the possibility of accident and illness that may require large amount of money for treatment. Buying health insurance for you and your family should never be disregarded.
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