"Business group of one" (BGOO) coverage allows self employed individuals the ability to buy group health insurance in Colorado, by making available a guaranteed-issue Basic or Standard benefit plan without having to show proof of medical insurability, or, with proof of insurability, any small group health plan available from any carrier. If you are medically uninsurable or have pre-existing conditions, you have an open enrollment window every year.
Many self-employed sole proprietors have elected to insure themselves with individual health insurance rather than group insurance. While this is a viable alternative for some business owners, care should be taken in the selection of individual health insurance. Should you elect to purchase an individual policy, you may be shut out of the Colorado small group market for a period of 3 years, unless a group carrier voluntarily permits you to purchase a small group policy, or your business status changes to a small employer with 2 + employees. For more information, review your options under health insurance for alternatives to group plans.
We are experts at helping you make the right decision about your health plan, now and as you grow. GIve us an opportunity to answer your questions and help you make the right decision.
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