North Carolina Health Insurance Options For The Self-employed Or Small Business Owner
If you are self-employed or own a small business, you have a number of options when it comes to choosing health insurance. Regulations vary from state to state. In North Carolina the self-employed and small business are guaranteed access, and insurance companies are limited in how distinguished more they can charge unhealthy versus healthy self-employed individuals and small groups.
Even under the best of circumstances, those who are new to the health insurance market, or have previously been covered by an employer, should be prepared for sticker shock. A standard small group health insurance policy in North Carolina can easily cost $15,000 or more for a family. This can be comparable to what a broad company pays, but the individual employee is probably use to having only a portion of this amount deducted from their paycheck.
The best option health insurance option for the self-employed or small business owner is to purchase individual/family coverage. Depending on health status, this type of coverage can be substantially less than a group policy. However, in North Carolina the insurance company can decline to cover someone, and is not dinky in how much they can increase premiums based on health status. (This process is referred to as underwriting.)
There are a number of companies that offer individual/family health insurance policies in North Carolina. Blue Cross and Blue Shield of North Carolina has the largest customer base, but it pays to look at multiple companies since rates, underwriting policies, and benefits vary from one to the next.
As previously stated, North Carolina health insurance regulations guarantee access and limit rate differences for the self-employed and microscopic business owners, so if individual/family coverage is declined (or a high monthly rate is offered), this would be the next avenue to pursue. Once again, Blue Cross and Blue Shield of North Carolina has the largest customer base, but it pays to survey at multiple companies.
A final option to consider is North Carolina’s health insurance risk pool, which is called “Inclusive Health.” This is a state-run health insurance program designed for individuals unable to get affordable health insurance in the open market. While not cheap (rates can be twice as much a comparable standard policy), this can be the best option for individuals with a serious medical condition.
Under any circumstance, the use of an insurance agent is highly recommended. Agents are paid a commission by the health insurance company, and using one should not affect the rate you pay. You should decide an agent who represents multiple companies. A good agent will help you identify the best policy for you, assist you with the application, and can be a valuable resource in dealing with the insurance company down the road.
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Filed under Family Health Insurance Self Employed by on Jan 17th, 2012. 