Notes

Group Health Insurance MIGHT NOT Always Be the Best
With the rising cost of healthcare, a lot 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 medical health insurance cost, an individual policy might cost less. With an individual policy you get more control over your personal benefits and cost, while with group you have hardly any say in your choice. Individual health insurance isn't tied to your job and can present you with little bit 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 people to tighten their budgets, it may 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 conditions could cause denial of coverage. By law no one in an organization insurance plan could be denied coverage due to medical conditions such as heart surgeries, diabetes, bi-polar etc. and having to insure they creates a higher 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 up to 107% on 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 the same cost for these medical conditions, not only though with the conditions. Evaluating the percentage your employer pays for you and your family's health insurance, plus the portion you pay, are all important in determining if a person policy will be less or more favorable. Your family's portion of coverage could be drastically more expensive when you are pay 100% of the premium yourself as well as your group has lots of health conditions. Insuring family on a separate family policy is becoming more prevalent 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 decision is yours. What one person can afford, another is probably not able to. This may not always be studied in to account through the decision process with regards to group health insurance. Needs may vary from 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 may never use? Control over your money and your health for the individual situation could be maintained easier through an individual plan, not through a group.

Employer paid insurance benefits can be nice but, what if you lose your job? Your employee health advantages are only good when you are employed. COBRA could possibly be available but 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 take into account is what happens 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 if you have a choice and only during 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, but 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 less than your group insurance it could be easier to pay.

Just as group insurance charges are increasing, so are the individual insurance charges. Premiums do increase with age as well as your area's claims history, not by your individual insurance usage with individual coverage. Insurance carriers are constantly battling for business and along with this 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 greatly help save you money. An independent agent's job will include offering you annual updated quotes, & most carriers ought to be available through the agent for honest comparisons. Individual policies can not 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 currently 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 and energy to spend less than now? Evaluating in the middle of your employer medical health insurance options or purchasing a person insurance policy could save you hundreds 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 a genuine 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, is an independent insurance professional who focuses on health, life and Long Term Care insurance. Educating consumers on insurance isn't just 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 bought at this site- "Options once you medical health insurance is terminated" and Small Business Health Insurance".
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