Insurance question for self employed

D

Dead Horse

250+ Posts
Question for self employed people.

My wife is shopping out our health insurance with the big companies: Aetna, Humana, Blue Cross, etc.

Here is my question:

These policies and premiums are renewable yearly. If one of my family members were to get really sick (I.E. cancer or something similar), can the insurance company cancel me or jack my premium at the end of the year to something ungodly?

We have always had insurance through her company but that is no longer an option so I have very little experience in this area.
 
Yes, and they very well may.

They'll give you a good deal the first year. Then every year they'll give you the option of either raising your rate, or raising your deductible - and for less coverage, even if you don't have a bad claims history.

I speak from experience - I was self-employed for 8 years.

None were any better than the others. They're all a bunch of dirtbags.
 
I don't handle this for my business, but as I understand it, you need to get a group policy for small business with those same insurance companies. This is very different insurance from an individual policy you may get out there. It is a bit more expensive up front, but they cannot cancel you or raise rates without raising everyone's in the connected group (which they will raise every year, just not because of your unique circumstance).
 
Thanks for the input. I may need to explore some other options. Surely there is a small business consortium that I could get involved with for insurance purposes.
 
I have no idea if this is still the case, but at one time you could join the Texas Farm Bureau and then get their large group insurance.
 
"Why shouldn't they charge you more if you are benefiting more than you are paying?"

Do they charge less when you pay more than you benefit? I don't think so.
 
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