How To Fill A Business Owner's Insurance Needs

IF YOU HAVE COMPANY SPONSORED HEALTH INSURANCE

The first question with respect to health insurance is whether the group coverage satisfies your needs. If not, before you make a change:

• Weigh what works for you against overall costs for employees.
• Take into account employee morale if you switch coverage in a manner that requires your employees to switch doctors.

• Look at whether there is an employee agreement (such as a union agreement), which prohibits your finding alternate insurers or plans.

If the coverage you prefer for yourself is too expensive to provide for the entire group, look elsewhere for coverage for yourself. Perhaps there is a business association you do, or can, belong to which provides better coverage. Or insurance sponsored by your profession or college.

For help assessing your coverage, see our Health Plan Evaluator. For information on obtaining health insurance, see Obtaining Health Insurance.

IF YOU DON'T HAVE COMPANY SPONSORED HEALTH INSURANCE

Explore the alternatives for getting a health insurance policy.

• You may be able to get health insurance on your own in spite of your diagnosis.
• Your business may also qualify for group health insurance if you have even just one employee. The charge for group health insurance is generally lower than individual rates.
• To learn about the situation in your state, see Georgetown University Health Policy's Institute site at www.healthinsuranceinfo.net. If you do qualify for group health insurance, note whether a group of your size has to be charged the insurer's normal group rates, or whether a higher rate can be charged based on the health of the group's members. If a higher rate can be charged, note where there is a maximum that can be charged.

If you have a choice of policies, our Health Plan Evaluator can help you pinpoint the features of a policy you care about most.

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