Temporary Health Insurance, Is It Right For You?
A self-proclaimed “serial entrepreneur,” CEO Lorne Zalesin successfully launched five startup companies from the ground level up.
Under Zalesin’s leadership, MyInsuranceExpert.com was formed in November 2006. To date, the company has grown to more than 30 employees and is currently available in nine states. By the end of 2009, MyInsuranceExpert.com will employ 150 people and will be available in 40 states, possibly more.
Zalesin earned a Bachelor of Arts and a Master’s in Business Administration from The University of Michigan.
He is also a graduate of the William Davidson Institute and Massachusetts Institute of Technology’s (MIT) “Birthing of Giants,” an elite educational program focused on successful leadership practices and unique growth strategies for entrepreneurs.
Most recently, Zalesin served as CEO of Bloomfield Hills, MI-based residential builder Bruce Building Company from 2004-2007.
Zalesin is a licensed residential builder licensed residential real estate broker, and is licensed in life insurance and health insurance. He also is the Chairman of the University of Michigan Hillel Board of Trustees.
As you start your new business you need to think about your health insurance and its costs. If you have left an employer that offered you health insurance then you will be offered COBRA. Typically, COBRA can range between 102%-150% of the cost of the group health insurance. If you are healthy, the best thing to do is purchase individual health insurance as soon as posible but not temporary insurance. Temporary health insurance can cover that employment gap when you are going from one employer to another but it has a limited time period 30days to 6 months and a low benefit amount. Rather, you shoud purchase individual health insurance that will save you thousands of dollars compared to COBRA. In addition, once you are approved for individual health insurance you can’t get “fired” by the carrier as long as you pay your premiums. Even if you think your new company is going to offer health insurance a Health Reimburement Arrangement (HRA) would be the best way to take advantage of the lower cost individual health plans while receiving a tax benefit of group insurance. Also, your premiums can’t increase if you get sick while being insured. The carrier can only raise your premiums based on the people in your age range, sex and zip code.