Everything's better when you're part of a group.
Question: My husband and I are about to lose our COBRA health coverage (he’s an independent contractor with his employer as of last year, and I’m a freelancer) and we need to find a decent health insurance plan—ideally one that won’t screw us if we decide to start a family. Any advice?
Answer: Here’s what I know. A good place to start (I’ve been told) is ehealthinsurance.com, which can provide you with some starter quotes for tons of different companies. If you guys are contemplating starting a family anytime in the near future, you’ll want to find a plan with decent maternity care coverage—there are a lot of doctor’s visits required, as well as high-cost tests. (So basically, you don’t want a high-deductible plan where the first, say, $10,000 is out of pocket, unless you have the money to cover the $10,000.)
Other than that, experts recommend checking with trade associations—are you a member of any? For instance, if you’re a freelancer, you might be able to get discounted health coverage through the Freelancers Union (which is free to join). But look around. There may be other freelance associations or trade groups that offer that kind of benefit for joining. (The National Association for the Self-Employed, for instance.)
Since you and your husband technically own your own businesses, you might also investigate whether you can join your local Chamber of Commerce and get discounted health coverage through them. Many Chambers offer a variety of membership levels, so give yours a call to see what kind of deal you can get as a sole proprietor, and whether that gets you access to discounted health insurance plans.
Basically, if there’s any way to join a group that offers access to health insurance, it will almost always be cheaper than the individual market, because you’ll get group rates. (Which are closer to the rates you’d get if you were part of an employee plan.)
Also, don’t forget that because you’re self-employed, your health insurance premiums are deductible. (Which helps, at least a little bit.)
Good luck!
Got a question? Drop me a line.
(Photo courtesy of eastlansingclassof88 on Flickr.)
