What to Do About Health Insurance When Quitting a Job
Whether you are planning to quit your job for another or you're leaving an employer to start your own business, you need to think about health insurance. There are several options for making sure your health expenses will continue to be covered.
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Spouse's Insurance
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Enrolling in a health insurance plan offered by your spouse's employer is often the simplest way to maintain coverage.
COBRA Coverage
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As long as you have had health insurance through your employer for 18 months, you can keep your coverage through the federal COBRA program for 18 months after you quit your job. However, premium rates for COBRA coverage are typically much higher than what you paid through your employer.
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Individual Coverage
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You can obtain individual health insurance online or through a local insurance agent. Premiums are typically higher than for group insurance, but not as high as COBRA payments.
Trade Guilds
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If you own a business, you may be able to join a trade guild that offers health insurance at group rates.
Group Coverage
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Some business owners qualify for group coverage by forming a limited liability company or corporation. Many states allow businesses to qualify for group coverage even if the husband and wife are the sole employees.
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