I’m Starting My Own Business So I Lost My Corporate Insurance – What Should I Do?
Starting your own business is a great way to get more independence, do something you love, and be your own boss. But being a small business owner has challenges – particularly when it comes to health insurance. If you’re starting a business and have lost your corporate insurance, you may not be sure what to do – so let’s explore your options!
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Starting A Business Means Losing Corporate Health Coverage
One of the biggest benefits of working a corporate job is health insurance. Most companies, particularly large companies, can pool their resources to purchase “group insurance plans,” and offer them to employees.
These plans are usually quite affordable, because employees and employers both pay part of the premium cost. So if you lose your corporate health coverage, you may be in for a shock – since you have to pay “both sides” of your premium, the overall cost of private health insurance will be much higher.
Marketplace Plans May Be Costly If You Don’t Qualify For Subsidies
Losing your corporate health insurance is a “qualifying event” for the Healthcare.gov Health Marketplace, so you do have the option to go to the Marketplace and find a plan that’s suitable for your needs.
However, these plans can be very costly – as previously mentioned, you will probably pay a lot more compared to your corporate plan. Tax subsidies are a good way to help defray this cost, but not everyone is eligible for subsidies.
Typically, if you have made (or expect to make) more than 4x the poverty line for your household in a given year, you won’t qualify for any tax subsidies – so you’ll end up paying full price for healthcare. And even if you do get a tax break, you may still find these plans to be quite expensive.
Health Insurance Brokers Can Help You Find Private Health Insurance Plans
If you don’t want to pay a high price for a marketplace plan, a small business health insurance broker like My Private Health Insurance can help. Health insurance brokers work directly with insurers to help customers find the right plan for their particular needs – and you can find a wide variety of plans that may not be available on the Healthcare.gov Marketplace.
For example, you may be able to find a plan for “catastrophic coverage” through a health insurance broker – for less than you would pay on the Marketplace. Then, you can enroll in this coverage until your business starts making more money – and you can afford a traditional health insurance plan.
No matter what kind of coverage you need, a private health insurance broker can help you explore your options in further detail – and get the insurance you need to protect your health as you start your small business.
Contact My Private Health Insurance To Explore Available Plans Today
If you have started a business, lost your employer coverage, and want more options than are available on Healthcare.gov, My Private Health Insurance is here for you.
To get started and begin exploring available plans, just contact us online or give us a call at 754-206-9583. One of our team members can walk you through your options, and ensure you get the coverage you need during this transitional time in your life!