With the current recession and inevitable downsizing, more and more business people are being forced to strike it out on their own. For some, this will be the opportunity to become a consultant, a teacher, or to write the great American novel. Inevitably there will be challenges. But whatever your post-corporate career holds for you, this much is certain: Your greatest challenge will be finding health insurance coverage without the corporate umbrella to protect you.

Take the case of my brother who was 55 and a former CEO when he took early retirement. To his great chagrin he discovered the he couldn’t find health insurance. A millionaire several times over, Mike had the money to pay whatever premiums a health insurance company might ask. The problem: he had preexisting conditions – diabetes and high blood pressure. No one in the state of New Hampshire would touch him.

I cannot emphasize strongly enough how much you must investigate health care coverage before you take a step into the great unknown. If you see the writing on the wall, start immediately to investigate your options. At no time has this been so important than it is now that some health care companies are implementing new policies requiring insured people to pay a percentage of very expensive drugs rather than the $10 or $15 traditional co-pay, according to a recent article in the New York Times (by Gina Kolata, April 14, 2008 ). The result is that consumers can pay thousands of dollars per month for a single life-saving drug.

The insurance companies covering blue chip corporations, such as Harvard University, are not yet following the pay-by-percentage policy. However without some radical shift in this country’s health care policy, it’s inevitable that even the premier insurance companies will force such requirements on consumers in the future. And if you’re setting out now to be an entrepreneur, the problem is immediate. There are no perfect options, but here’re a few places you can start looking for help.

• ehealthinsurance.com seems to offer pretty good coverage, but it’s not offered in every state.

• Local Chambers of Commerce provide insurance to members.

• Artists, writers, photographers, and so on can often receive insurance through The Freelancers Union.

• AARP, if you’re over 50, offers health insurance policies, but members are expected to pay thousands of dollars for the drugs they need.

Getting health insurance if you’re young and healthy is easy, but most people exiting corporations during downsizing are employees in their 40s and 50s. It’s a dangerous world for this cohort. My brother’s solution? He was drafted to run for selectman in New Hampshire and won by a landslide. A nice perk of the job: health insurance. But then my brother’s a true entrepreneur. With a little chutzpah and imagination – and luck – you can be, too.

So what’s been your experience in finding health insurance? What resources can you share? Are you satisfied with your policy, if you have been able to find one? What kind of coverage does your policy provide? How much do you pay? Since so much is at stake, please share what you have learned.

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