Group Health Insurance May Not Always Be the Best

With the rising cost of healthcare, progressively more Americans' are no more provided coverage of health through their employers, if your healthy that could not be considered a bad thing. Based on your employer's medical health insurance cost, an individual policy may cost less. Having an individual policy you get more control over your personal benefits and cost, while with group you have very little say in your choice. Individual health insurance isn't tied to your task and can provide you with piece of mind later if you lose your task or become un-insurable. The ability to reevaluate what's vital that you you when needed can possibly save you a huge selection of dollars. Because the economy causes more employers and more people to tighten their budgets, it might be time to look at your wellbeing coverage differently, before it's too late.

Group health insurance could be expensive compared to individual, and in the individual insurance market pre-existing health conditions could cause denial of coverage. By law no one in a group insurance plan can be denied coverage because of medical conditions such as for example heart surgeries, diabetes, bi-polar etc. and having to insure they creates a higher financial risk to the insurance carriers. To greatly help with those cost linked to the risk, hawaii of Missouri allows insurance carriers to increase premiums as much as 107% over the preferred rates for healthy people.* Rules vary state to state so consult with your individual states' department of insurance. Medical underwriting determines the medical risk linked to the group. more info are then increased accordingly and all group members pay an equal cost for these medical conditions, not only though with the conditions. Evaluating the percentage your employer pays for you as well as your family's health insurance, plus the portion you pay, are important in determining if a person policy would be less or more favorable. Your family's part of coverage could possibly be drastically more expensive for anyone who is pay 100% of the premium yourself and your group has plenty of health conditions. Insuring family members on another family policy is becoming more common as families try to save.

With group insurance you have less control over deductibles, co-insurance and benefits if you don't are the owner or decision maker, while with individual insurance coverage the choice is yours. What one individual can afford, another is probably not able to. This may not always be taken in to account during the decision process with regards to group medical health insurance. Needs may vary in one person who visits the physician weekly to some other who may only see a medical expert every couple of years. Why pay higher premiums for benefits you may never use? Control over your cash and your health for the individual situation can be maintained easier via an individual plan, not by way of a group.

Employer paid insurance benefits could be nice but, imagine if you lose your task? Your employee health advantages are only good while you are employed. COBRA could be available but you are 100% in charge of medical insurance premium. On COBRA you're in charge of 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 through 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. With an individual plan you possess it so long as you pay the premiums. If the premium is considerably less than your group insurance it could be easier to pay.

Just as group insurance costs are on the rise, so are the average person insurance costs. Premiums do increase with age and 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 ought to be re-evaluated annually to greatly help save you money. An independent agent's job will include offering you annual updated quotes, & most carriers should be available through the agent for honest comparisons. Individual policies can't be affect by other health conditions and/ or decisions, but are based on you alone while permitting you some freedom of choice.

Escalating insurance costs are causing more business' to cut benefits or eliminate insurance all together. Consumers are also attempting to cut their own cost as our economy brings more worry, what better time to save money than now? Evaluating between your employer health insurance options or purchasing an individual insurance policy can save you a huge selection of dollars annually. Investigate all options available to you and call an unbiased agent for a free of charge second opinion. Most agents are happy to sit back, help educate you and present you an honest comparison of what's available for your situation. Be sure to ask all the questions you may have, in the end you have nothing to loss and only money to gain.

Sandra Reeves, owner of The Reeves Group in St. Charles Missouri, can be an independent insurance professional who focuses on health, life and LONGTERM Care insurance. Educating consumers on insurance is not only a job but a pleasure with us. Visit our website for our monthly newsletter at http://www.thereevesgrp.com Resources useful for this article are: *Missouri Department of Insurance website at http://www.insurance.mo.gov including articles found at this site- "Options after you medical health insurance is terminated" and Small Business Health Insurance".