I've Started My Business, But Where Do I Get MY Benefits?

Congratulations, Cohorts!  You are on your way.  With a startup venture comes many questions, and one I hear all the time is “What about my medical insurance. Should I take COBRA?”

Lets clear up the confusion-

First, ObamaCare is not an insurance plan, it’s a framework of rules and regulations that affect insurance plans.  You can’t “go on ObamaCare.”  The plans you can elect are Blue Cross, Blue Choice, CoventryOne or Consumers Choice Health Plan.

Second, Open Enrollment ended in March, and the next enrollment period won’t let you purchase coverage until January 1.  This means that most Americans cannot buy insurance right now – UNLESS you have a “Qualifying Event” that gives you a “Special Enrollment Period.”

Qualifying Events to enroll now would include losing coverage at your old job, moving out of the service area of your old plan, aging off your parents plan, and certain other circumstances.  Call me at 877-423-9990 for guidance.

Third- Assuming you have a Qualifying Event, you need to act quickly, and carefully to make sure you make the best decision for you.  If you have been offered COBRA, before you select it you need to review your options – because you lose those options the second you select the COBRA plan!

Fourth-  The only reason to go on Healthcare.gov is to take advantage of the subsidy program.  If you are not going to qualify for a subsidy, you don’t need to waste an hour of your time, and reveal all your personal data – you can just do a paper application which takes five minutes.

“ObamaCare” is confusing and complex.  Make sure you know your options before you make the wrong decision.

 

Reeve Conover
Conover Consulting