Submitted by: Centralia General Agencies
Group Insurance is available all year round for self-employed and small business owners, as an option for medical coverage. Open enrollment for individuals and families just ended in February. In most cases, individuals cannot buy coverage until next fall. If you qualify for Apple Health, due to income levels, then you can apply any time. Otherwise, some may find themselves locked out until open enrollment comes around again.
If you are self-employed or have a small business, you have many options and time is on your side. Employer-sponsored plans, also called group plans, can be purchased anytime in the year. Many insurance companies and associations offer them. This applies to medical insurance as well as dental, vision and life insurance plans that could be offered to employees.
When you start a group medical plan, you will have full coverage from day one – there are no pre-existing limitations. Rates are based on the age of the employees, and an employer can choose to pay part or all of the insurance cost. In most cases, employees will have the option to add dependents onto their plan.
In today’s competitive job market, offering medical benefits can be the deciding factor in hiring and retaining that key employee.
For individuals and families who cannot get group coverage through an employer, and who find themselves waiting for the next open enrollment (next fall), there are a couple resources to consider. First, there is a medical plan called “short term medical.” These plans do not cover preexisting conditions and they are not substitutes for permanent plans. They will cover you for an illness or injury that occurs during a specified time period. These limited plans are great stop-gap measures. Another option is not for everyone. Religious-based “medical sharing” has grown in popularity. Medical Sharing is not insurance and is a proven option that works for many in our community.
Of course, if you are 65 or older and on Medicare, you have options to bolster your Medicare coverage that are available all year round. Each individual has specific health and budget needs, which is where the value of a local agent is realized.
Any individual can purchase vision, dental and life insurance year-round.
For more information or to receive help reviewing your options, contact Centralia General Agencies.
