I’ve recently started a business and am taking advantage of COBRA Health Insurance. This insurance is only good for 18 months and is going to expire Feb. 2011. I am having a very difficult time finding other options, the prescription costs are way to expensive. Any ideas??
Looks like I have no option…I’m single without a family. I’ll fiqure something out. I appreciate the response.
Actually, you do have some options…
- Continue COBRA as long as you can
- Piggyback on your spouse/domestic partner’s insurance
- Join an association that offers its members health insurance
Don’t know what industry or profession you are in, but chances are there’s a professional organization.
They have their own pharmacies, you know.
Check with your tax preparer. You may be able to take a federal tax deduction for health insurance premiums. That could take some of the sting out of the cost.
The insurance situation varies from state to state. You can get some good information at http://www.healthinsuranceinfo.net/. You can also find some comparisons at http://www.statehealthfacts.org/. Your biggest takeaways should be to not let your current group coverage lapse (including COBRA) or you will be in serious hurt, and second, you need to search for a group insurance. These can be found through a variety of sources, most commonly from employers, but liek Corinna notes, from associations like AARP and professions associations like IEEE. Read the booklet, make sure you know the rules. Seeking individual private insurance will be like getting a loan from a loan shark. You might be able to join HMO like Kaiser privately instead of as a group.
In some areas small business organizations act as buying groups for insurance to cover their members. Surf or call around your area to places like the chambers of commerce, etc. to see what you can find. One of these might allow you to purchase coverage at a group rate & make business contacts at the same time.
Thanks Bob, unfortunetly I will be the only employee for a couple years. But great advice, I will check into the SBO’s and see if they have a buying group.
The best thing I could figure out is Portability Insurance. Very high deductable but reasonable prescription cost and doctor co-pays. Portability Insurance is governed by HIPPA and you are guaranteed to receive it if you exhaust all of COBRA.