Notes

Group Health Insurance MIGHT NOT Always Be the Best
With the rising cost of healthcare, progressively more Americans' are no more provided health coverage through their employers, if your healthy that may not be considered a bad thing. Depending on your employer's health insurance cost, a person policy might cost less. Having an individual policy you gain more control over your own benefits and cost, while with group you have very little say in your choice. Individual health insurance isn't tied to your job and can offer you piece of mind later if you lose your job or become un-insurable. The opportunity to reevaluate what's important to you when needed can possibly save you hundreds of dollars. Because the economy causes more employers and more visitors 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 in comparison 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 high financial risk to the insurance carriers. To help with those cost linked to the risk, hawaii 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 will pay for you as well as your family's health insurance, plus the portion you pay, are 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 if you are pay 100% of the premium yourself and your group has plenty of health conditions. Insuring family on another family policy is becoming more common as families make an effort 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 policy the decision is yours. What one individual can afford, another is probably not able to. This can not always be taken in to account through the decision process with regards to group medical health insurance. Needs may vary from one person who visits the doctor weekly to some other who may only see a doctor every few years. Why pay higher premiums for benefits you might never use? Control over your money and your health for the individual situation could 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 job? Your employee health benefits are only good when you are employed. COBRA could possibly be available nevertheless, you are 100% in charge of medical insurance premium. On COBRA you are responsible for the portion your employer has been covering. Another scenario to consider is what goes on if throughout your employment you experienced open- heart surgery, was diagnose with diabetes, had a severe car accident or can't work? Your only options would be COBRA when there is a choice and only through the allowable benefit period, a HIPPA plan, state option where available, or to go without insurance. The Missouri Insurance Health Pool may be the state of Missouri's resource, nonetheless it is very expensive and has limitation. Having an individual plan you own it for as long as you pay the premiums. If the premium is considerably less than your group insurance it may be easier to pay.

Just as group insurance costs are increasing, so are the individual insurance charges. Premiums do increase with age and your area's claims history, not by your individual 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 wellbeing policy ought to be re-evaluated annually to greatly help save you money. Additional info 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.

Escalating insurance costs are causing more business' to cut benefits or eliminate insurance altogether. Consumers are also trying to cut their very own cost as our economy brings more worry, what better time to save money than now? Evaluating in the middle of your employer medical health insurance options or purchasing a person 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 pleased to sit back, help educate you and present you an honest comparison of what's available for your situation. Make sure you ask all the questions you may have, in the end you have nothing to loss and only money to get.

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