Insurance Information

The current recession is causing many people who have been laid off to become self-employed rather than struggle to find another job. If you are one of those brave souls who want to take control of your own destiny rather than be victimized again, there are some things you should know about obtaining health insurance coverage. Here are some of the facts.

While you starting with your own business, you are entitled to keep the health insurance benefits you enjoyed at your former place of employment for up to 18 months. This coverage is called COBRA (Consolidated Omnibus Reconciliation Act) and is intended to act as a stop-gap measure to help between jobs. The health insurance coverage can remain the same, but it is expensive since you will be covering the entire premium costs instead of sharing them with an employer.

You may obtain individual or family health insurance coverage through an independent insurance agent on the open market if your health history is good. As long as you don't have any preexisting conditions and you have not had high claims in recent years, you should be able to obtain the kind of insurance coverage you need.

If you have preexisting conditions, however, you have a much greater chance of being denied health insurance.