Notes

Group Health Insurance MIGHT NOT CONTINUALLY BE the Best
With the rising cost of healthcare, more and more Americans' are no more provided health coverage through their employers, if your healthy that could not be a bad thing. Based on your employer's health insurance cost, a person policy may cost less. With an individual policy you gain more control over your own benefits and cost, while with group you have hardly any say in the decision. Individual health insurance is not tied to your task and can offer you piece of mind later if you lose your job or become un-insurable. The ability to reevaluate what's important to 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 could 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 average person insurance market pre-existing health issues can 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 needing to insure these individuals creates a higher financial risk to the insurance carriers. To help with those cost associated with the risk, hawaii of Missouri allows insurance carriers to increase premiums as much as 107% on 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. Premiums are then increased accordingly and all group members pay an equal cost for these medical conditions, not just though with the conditions. Evaluating the percentage your employer will pay for you as well as your family's health insurance, plus the portion you pay, are all important in determining if an individual policy will be less or even more favorable. Your family's portion of coverage could be drastically more expensive should you be pay 100% of the premium yourself and your group has lots of health conditions. Insuring family 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 unless you will be the owner or decision maker, while with individual insurance policy the choice is yours. What one individual can afford, another may not be able to. This may not always be studied in to account during the decision process when it comes to group health insurance. Needs may vary from one person who visits the doctor weekly to another who may only see a doctor every couple of years. Why pay higher premiums for benefits you may never use? Control over your money and your health for your individual situation can be maintained easier via an individual plan, not by way of a group.

Employer paid insurance benefits could be nice but, what if you lose your job? Your employee health benefits are only good when you are employed. COBRA could possibly 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 experienced 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 an option and only during the allowable benefit period, a HIPPA plan, state option where available, or to go without insurance. The Missouri Insurance Health Pool is the state of Missouri's resource, but it is very expensive and has limitation. With an individual plan you own it for as long as you pay the premiums. If the premium is considerably significantly less than your group insurance it may be easier to pay.

Just as group insurance costs are increasing, so are the average person insurance charges. 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. So long as you remain healthy, your wellbeing policy should be re-evaluated annually to help save you money. more info should include offering you annual updated quotes, and most carriers should be available through the agent for honest comparisons. Individual policies can't be affect by other health issues and/ or decisions, but derive from you alone while permitting you some freedom of choice.

Escalating insurance costs are causing more business' to cut benefits or eliminate insurance altogether. Consumers are also attempting to cut their own cost as our economy brings more worry, what better time and energy to spend less 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 then call an independent 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 position. Make sure you 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 Long Term Care insurance. Educating consumers on insurance is not only employment but a pleasure around. Visit our website for our monthly newsletter at http://www.thereevesgrp.com Resources used for this short article are: *Missouri Department of Insurance website at http://www.insurance.mo.gov including articles bought at this site- "Options after you medical health insurance is terminated" and Small Business Health Insurance".
My Website: https://kirkendalleffect.com/what-is-mewe/