Notes

Group Health Insurance MIGHT NOT CONTINUALLY BE the Best
With the rising cost of healthcare, more and more Americans' are no longer provided coverage of health through their employers, if your healthy that may not be a bad thing. Based on your employer's medical health insurance cost, a person policy may cost less. With an individual policy you get more control over your own 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 give you piece of mind later in the event that 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 health coverage differently, before it's too late.

Group health insurance can be expensive in comparison to individual, and in the individual insurance market pre-existing health issues can cause denial of coverage. By law no one in an organization insurance plan could be denied coverage because of 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 associated with the risk, hawaii of Missouri allows insurance carriers to increase premiums around 107% over the preferred rates for healthy people.* Rules vary state to state so check 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 all important in determining if an individual policy would be less or even more favorable. Your family's portion of coverage could be drastically more expensive when you are pay 100% of the premium yourself and your group has plenty of health conditions. Insuring family members on a separate family policy has become more prevalent as families make an effort to save.

With group insurance you have less control over deductibles, co-insurance and benefits if you don't will be the owner or decision maker, while with individual insurance coverage the decision is yours. What one person can afford, another is probably not able to. This can not always be taken in to account during the decision process with regards to group health insurance. Needs may vary from one person who visits the doctor weekly to another 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 the individual situation could be maintained easier through an individual plan, not by way of a group.

Employer paid insurance benefits could be nice but, what if you lose your task? Your employee health advantages are only good when you are employed. COBRA could be available but you are 100% responsible for medical 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 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 an option and only through 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 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.

Just as group insurance charges are increasing, so are the individual insurance charges. 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 along with this battle they will bring out new plans, lower rates or both frequently. So long as you remain healthy, your wellbeing policy ought to be re-evaluated annually to help save you money. what is molarity will include providing you with annual updated quotes, and most carriers should 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 preference.

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 to save money than now? Evaluating between your employer health insurance options or purchasing an individual insurance policy could save you hundreds of dollars annually. Investigate all possibilities to you and call an independent agent for a free of charge second opinion. Most agents are happy to sit back, help educate you and present you a genuine comparison of what's available for your position. Be sure to ask all the questions you may have, after all you have nothing to loss and only money to gain.

Sandra Reeves, owner of The Reeves Group in St. more info , is an independent insurance professional who focuses on health, life and LONGTERM 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 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".
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