Quick insurance question

[Chrisandgary]

I was reading the previous posts relating to insurance. If my husband does go out on his own he will not be able to get insurance or get bad insurance at a very high rate?
He planned on starting his own company with a partner. They would be on cobra for the first 18 months and then we were going to shop around for a small group policy. Am I understanding correctly that even with no lapse in coverage we would have a hard time?
Thanks guys I am glad you are here because I didnt even know this!!!
Christine(this could crush his dream - not the upcoming surgery!)

 

[Guest]

(this could crush his dream - not the upcoming surgery!)

I know this feeling ... all too well.

*sighs*

Best not get me started .

Just know ... he isn't alone in this feeling/realization/disappointment/frustration/anger.....


Cort, "Mr MC" / "Mr Road Trip", 31swm/pig valve/pacemaker
'72,6,9/'81,7.hobbies.chdQB = http://www.chevyasylum.com/cort/
MC Guide = http://www.chevyasylum.com/mcspotter/main.html
"Something is wrong here" ... Uncle Cracker ... 'In A Little While'

 

[carista]

Christine: Why would they do Cobra at all? If there's two of them, they can get a small group policy for a heck of a lot cheaper than Cobra. I would bag the Cobra and go right to the small group policy. There's mention of this in another thread.

My husband and a partner started a business and we started right away with a small group policy - we had to have two or more "employees."

You can find everything out on the internet. I know in Minnesota at least, that you cannot be turned down for health insurance on a small group insurance policy. In order to qualify for small group you have to have 2 or more full time employees. There is one issue I'm not sure of yet, and that is that I think you may not be able to get it right away without proof first that both people work full time at the company. So you may have to be on cobra for a few months at least. Like I said, I'm not sure if all states are like this.

Here is a link to a website that you can find information on about your state:

http://www.medhealthinsurance.com/state.htm

Carista

 

[Georgia]

The other thing you might consider is a catastrophic plan with a very large deductible (some have @$10,000 deductibles) and a medical savings account. I know there are updated laws concerning msa's for people with their own businesses - you'd need to find a financial advisor who understands the ins and outs of this. The msa's are paid with pre-tax dollars, and for those with their own businesses, I understand that you're able to carry over any monies not spent in a year (unlike msa's available with group plans through employers).