Health insurance for self employed?
Answers:
I suggest that you go ahead and get an individual policy for you and your children. You may not want to start a group health plan for a while. And, this will give you "portability" regarding pre-existing conditions, too. When you decide to start a group plan, get quotes with and without your kids so you can make an educated decision about where to cover them. Normally it will be cheaper to insure them on the individual plan, but the coverage on a group plan is usually broader.
Regarding getting quotes, find a good, reputable independent agent in your area. Ask your friends that own businesses who their agent is. Some of the best companies are ones that do not have a common name like Blue Cross.
Part of the answer depends on the state you live in. Health insurance is governed by state law for the most part. For most states you have two options, individual insurance (insurance not partially funded by a company), and group insurance.
Individual health insurance is typically similar to the coverage you can get as part of business group. However, usually it does not cover maternity costs. Most states also allow individual plans to be medically underwritten. That means if you are not very healthy they can charge you more, not cover certain things, or not offer you coverage at all. Plans vary widely from carrier to carrier because there is loose government regulation of individual health insurance policies. If you have heard of the company before be wary, if you haven't heard of them before it's best to walk away. Look for a good plan design like a PPO, or a POS.
Group health insurance would be purchased by your business, and would list you and your family as a member of that group. You cannot be turned down, but in some state you can be charged more for being unhealthy. The coverage is typically very regulated by the state making the plans pretty similar from one company to the next. Just choose a deductible and max out of pocket you think you can afford.
As far as cost is concerned group insurance will be much more expensive. You have the ability to split some of the cost with your employees, but it will still be expensive. Here is a quick example for Colorado, coverage for a single 30 year old male would cost: Individual $151 per month Group $435 per month.
What I would do if I were you, get individual coverage if your healthy, and stick with that as long as it works for you and your business. Maybe offer employees a higher wage due to not covering health benefits and tell them about individual health coverage. Then if at some point you find your employees really need a plan that does not have medical underwriting you can get group insurance.
Find an insurance broker to deal with as well. It will take some of the pain out of it. A little known fact the price of the coverage is locked in by law. That means you can get a broker to find the best plan for you and it doesn't cost any more money. Health insurance brokers are one of the few actually free services out there.
This is a tough question - first, I am not familiar with the health system in your country so I cannot offer specific advice - but my advice is to commit a basic coverage for you and your children for in-patient hospital treatments (if such insurance plans are available) - I assume there is little chance for you to earn when you are an in-patient and that you would have a better chance to earn (to defray your costs) when you are an out-patient. Health-insurance can provide financial cover in times of unexpected need - so it cannot be underestimated totally. Good luck.
I suggest that you go ahead and get an individual policy for you and your children
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