mybachcars.com

Cost effective health care benefits without a corporate job

Cost effective health care benefits without a corporate job

Where and how can you obtain health care benefits (medical and dental) cheaply when you've lost your corporate job? Is there some way to do this if you form a "paper" small business? Or alternate ways? How can this be done through Aetna/US Healthcare (my present carrier)?

I apologize for your having lost your job. That’s a tough break. A person whose job has been terminated has rights under the Employee Retirement Income Security Act of 1974 (ERISA) – the Consolidated Omnibus Budget Reconciliation Act of 1985 — commonly called COBRA — may allow you to purchase extended health care coverage. The Health Insurance Portability and Accountability Act of 1996 — known as HIPAA — protects you and your family from discrimination because of pre-existing medical conditions. See http://www.cobrahealth.com/afterjobloss.html You may be able to purchase extended health care coverage under COBRA if your job ended for any reason other than gross misconduct. To qualify, your employer must have had 20 or more employees, you must have been a participant in your employer’s group health plan, and the employer must continue to maintain a health benefit plan. Once your job ends, your plan must provide you with written notice explaining your rights under COBRA. You have 60 days from the date the notice is provided or from the date coverage ended — whichever is later — to elect COBRA coverage. It begins the day your health care coverage ended and lasts for up to 18 months (and longer in some cases). You should also know that under COBRA you may have to pay the entire group rate premium for health care coverage. HIPAA requires that most plans provide coverage for pre-existing medical conditions after 12 months (in most cases). Further, HIPAA requires a new employer’s plan to offset this 12-month exclusion period by giving you credit for the number of days you had previous coverage — unless you had a major break in coverage. Your former employer is required to provide a certificate that documents your “creditable coverage.” See, again, http://www.cobrahealth.com/afterjobloss.html Your old carrier, Aetna / US Healthcare has a nice website which may be useful: http://www.aetna.com/Member_Public/index.jsp I have found that, in many cases, the local Chamber of Commerce can be a great source of coverage. You asked whether a “paper” small business would be required. Many Chambers do require membership in the organization, while some don’t. Most, and probably the vast majority, don’t require a formal business entity, such as a corporation or limited liability company; individuals can typically join. Check your local Chamber. A Google Search on “Chamber” and “Health Insurance” reveals quite a bit: ://www.google.com/search?sourceid=navclient&querytime=WPRXjB&q=%22health+insurance%22+chamber Contact your state government to find out if you or your dependents are eligible for public health insurance, like Medicaid or the new State Childrens' Health Insurance Programs, or to get information on obtaining new coverage. http://www.dol.gov/dol/pwba/public/pubs/health/work-text.html You may also consider contacting any trade or professional association that you may belong or be eligible to belong to. This can be particularly attractive if you become self-employed. Another good source of information is your local “unemployment office.” Most, though not all, states have significantly expanded the scope of their counseling at these offices, and these professionals may be well versed in local options and the related costs. Search Terms: ://www.google.com/search?sourceid=navclient&querytime=WPRXjB&q=COBRA+Insurance http://www.cobrahealth.com/afterjobloss.html ://www.google.com/search?sourceid=navclient&querytime=WPRXjB&q=%22health+insurance%22+chamber If I can provide any further information, please let me know. I would be happy to research any particulars, for example State specific information. Best, Tom