With the rising cost of healthcare, increasingly more Americans' are no more provided health coverage through their employers, if your healthy that could not be considered a bad thing. Depending on your employer's medical health insurance cost, a person policy may cost less. Having an individual policy you get 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 task and can offer you piece of mind later in the event that you lose your job or become un-insurable. The ability 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 can 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. For legal reasons no one in an organization insurance plan can be denied coverage because of medical conditions such as heart surgeries, diabetes, bi-polar etc. and needing to insure they creates a higher financial risk to the insurance carriers. To greatly help with those cost associated with 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 linked to 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 will pay for you and your family's health insurance, in addition to the portion you pay, are all important in determining if an individual policy will be less or more favorable. Your family's part of coverage could be drastically more expensive when you are pay 100% of the premium yourself as well as your group has plenty 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 coverage the choice is yours. What one person can afford, another is probably not able to. This can not always be studied 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 medical expert every few years. Why pay higher premiums for benefits you may never use? Control over your money and your health for the individual situation can be maintained easier through an individual plan, not through a group. Employer paid insurance benefits could be nice but, imagine if you lose your task? Your employee health benefits are only good while you are employed. COBRA could possibly be available nevertheless, you are 100% in charge of the health insurance premium. On COBRA you're in charge of 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 crash or can't work? Your only options will be COBRA if there is an option 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 has limitation. Having 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 charges are increasing, so are the individual 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 along with this battle they will draw out new plans, lower rates or both frequently. As long as you remain healthy, your wellbeing policy should be re-evaluated annually to greatly help save you money. get more info will 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 conditions 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 all together. Consumers are also trying to cut their very own cost as our economy brings more worry, what better time and energy to cut costs than now? Evaluating in the middle of your employer medical health insurance options or purchasing an individual insurance policy could save you a huge selection 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 down, help educate you and present you a genuine comparison of what's available for your situation. Make sure you ask 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, can be an independent insurance agent who specializes in health, life and LONGTERM Care insurance. Educating consumers on insurance is not just employment but a pleasure around. Visit our website for our 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 bought at this site- Options once you health insurance is terminated and Small Business Health Insurance.
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