Editing Group Health Insurance May Not CONTINUALLY BE the Best

With the rising cost of healthcare, progressively more Americans' are no more provided health coverage through their employers, if your healthy which could not be considered a bad thing. Depending on your employer's health insurance cost, an individual policy might cost less. Having an individual policy you get more control over your own benefits and cost, while with group you have very little say in the decision. Individual health insurance isn't tied to your job and can provide you with piece of mind later in the event that you lose your job or become un-insurable. The ability to reevaluate what's important to you when needed may possibly save you a huge selection of dollars. Because the economy causes more employers and much more people to tighten their budgets, it could be time to look at your health coverage differently, before it's too late.<br /><br />Group health insurance could be expensive compared to individual, and in the individual insurance market pre-existing health conditions can cause denial of coverage. By law no one in a group insurance plan could be denied coverage due to medical conditions such as for example heart surgeries, diabetes, bi-polar etc. and having to insure these individuals creates a high financial risk to the insurance carriers. To help with those cost linked to the risk, the State of Missouri allows insurance carriers to improve premiums as much as 107% over the preferred rates for healthy people.* Rules vary state to convey so consult with your individual states' department of insurance. Medical underwriting determines the medical risk associated with the group. Premiums are then increased accordingly and all group members pay an equal cost for these medical ailments, not just though with the conditions. Evaluating the percentage your employer pays for you and your family's health insurance, in addition to the portion you pay, are all important in determining if an individual policy will be less or more favorable. Your family's part of coverage could be drastically more expensive should you be pay 100% of the premium yourself and your group has plenty of health conditions. Insuring family members on another family policy has become more common as families try to save.<br /><br />With group insurance you have less control over deductibles, co-insurance and benefits unless you will be the owner or decision maker, while with individual insurance coverage the decision is yours. What one person can afford, another may not be able to. This may not always be taken in to account through the decision process in terms of group health insurance. Needs may vary in one person who visits the doctor weekly to some other who may only see a medical expert every couple of years. Why pay higher premiums for benefits you might never use? Control over your cash and your health for your individual situation could be maintained easier through an individual plan, not through a group.<br /><br />Employer paid insurance benefits can be nice but, what if you lose your job? Your employee health benefits are only good while you are employed. COBRA could be available nevertheless, you are 100% responsible for the health insurance premium. On COBRA you are responsible for the portion your employer has been covering. Another scenario to consider is what happens if during your employment you have had open- heart surgery, was diagnose with diabetes, had a severe car accident or can't work? Your only options will be COBRA if you have a choice and only during the allowable benefit period, a HIPPA plan, state option where available, or even to go without insurance. The Missouri Insurance Health Pool is the state of Missouri's resource, nonetheless it is very expensive and contains limitation. Having an individual plan you possess it so long as you pay the premiums. If the premium is considerably significantly less than your group insurance it may be easier to pay.<br /><br />Just as group insurance charges are on the rise, so are the average person insurance costs. Premiums do increase with age as well as your area's claims history, not by your personal insurance usage with individual coverage. Insurance carriers are constantly battling for business and additionally battle they will draw out new plans, lower rates or both frequently. As long as you remain healthy, your health policy should be re-evaluated annually to greatly help save you money. An unbiased agent's job should include providing you with annual updated quotes, and most carriers ought to be available through the agent for honest comparisons. Individual policies can't be affect by other health issues and/ or decisions, but are based on you alone while permitting you some freedom of choice.<br /><br />Escalating insurance costs are causing more business' to cut benefits or eliminate insurance altogether. Consumers are also attempting to cut their very own cost as our economy brings more worry, what better time and energy to save money than now? Evaluating between your employer medical health insurance options or purchasing a person insurance policy can save you hundreds of dollars annually. Investigate all possibilities to you and then call an independent agent for a free second opinion. Most agents are pleased to sit back, help educate you and present you a genuine comparison of what's available for your position. Make sure to ask all the questions you may have, after all you have nothing to loss and only money to get.<br /><br />Sandra Reeves, owner of The Reeves Group in St. Charles Missouri, can be an independent insurance professional who specializes in health, life and Long Term Care insurance. Educating consumers on insurance is not only a job but a pleasure with us. Visit our website for the monthly newsletter at http://www.thereevesgrp.com Resources useful for this short article are: *Missouri Department of Insurance website at http://www.insurance.mo.gov including articles found at this site- "Options once you medical health insurance is terminated" and SMALL COMPANY Health Insurance".