Quitting your job and deciding to open your own small business can be a very exciting time for many.  Although many people who follow this path can elect to have COBRA health insurance for the first 18 months, many are faced with a difficult health insurance decision when COBRA ends.  If you are someone in this position, follow these 5 tips to choose the best health insurance for you.

1.  Understand your Health Insurance Options:  The most important thing to starting any health insurance search is understanding your options in full.  Make sure to explore both private and government sponsored programs.  There is a good chance that you may qualify for a state run program.  In addition explore comprehensive coverage as well as high deductible and short term coverage.  Note down all the options, their prices, and the coverage.  Then think through each based on your health needs and budget.

2.  Consider Affiliating Yourself with a Group: Many organizations offer the benefits of group health insurance without needing an employer offered plan.  Look into alumni organizations, industry organizations, and more to find out what group health insurance they offer.  It may be cheaper than going out on your on.

3.  Shop Around to Understand Different Plans:  It is always important to look at multiple plans and the easiest way to do so is through online sites with simple forms to complete.  The most popular are eHealthInsurance, HealthPlanOne and InsureMonkey.  You can also use governmental and state sites to explore trusted plans.

4.  Factor in the Health Insurance Tax Deduction: When you are self employed you are allowed to deduct your health insurance costs from your income.  This is considered an above the line deduction.

5.  Get Quotes for Multiple Plans:  Finally, get quotes and consider multiple scenarios using those quotes.  Imagine the cost if you needed to visit the doctor, get a prescription medication, etc.  Cost out each option to understand the full cost of choosing that insurance plan.