With the rising cost of healthcare, more and more Americans' are no more provided coverage of health through their employers, if your healthy which could not be a bad thing. Based on your employer's health insurance cost, a person 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 the decision. Individual health insurance isn't tied to your task and can offer you piece of mind later in the event that you lose your task or become un-insurable. The ability to reevaluate what's important to you when needed can possibly save you a huge selection of dollars. As the economy causes more employers and more visitors to tighten their budgets, it can be time and energy to look at your wellbeing coverage differently, before it's too late. Group health insurance can be expensive compared to individual, and in the individual insurance market pre-existing health issues could cause denial of coverage. For legal reasons no one in an organization insurance plan could be denied coverage due to medical conditions such as heart surgeries, diabetes, bi-polar etc. and needing to insure they creates a high 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 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 a person policy would be less or more favorable. Your family's part of coverage could possibly be drastically more expensive in case you are pay 100% of the premium yourself and your group has lots of health conditions. Insuring members of the family on a separate family policy has become more common as families try 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 individual can afford, another is probably not able to. This may not always be studied in to account during the decision process in terms of group medical health insurance. Needs may vary from one person who visits the physician weekly to another who may only see a doctor every couple of years. Why pay higher premiums for benefits you might never use? check here over your cash and your health for your individual situation could be maintained easier via an individual plan, not through a group. Employer paid insurance benefits could be nice but, what if you lose your job? Your employee health advantages are only good while 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 consider is what happens if during your employment you have had open- heart surgery, was diagnose with diabetes, had a severe car crash or can't work? Your only options will be COBRA when there is a choice 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 less than your group insurance it may be easier to pay. Just as group insurance charges are on the rise, 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. As long as you remain healthy, your health policy should be re-evaluated annually to help save you money. An unbiased agent's job should include providing you with annual updated quotes, & 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 currently 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 to spend less than now? Evaluating between your employer health insurance options or purchasing a person insurance policy can save you hundreds of dollars annually. Investigate all options available to you and call an independent agent for a free second opinion. Most agents are happy to sit back, help educate you and present you an honest comparison of what is available for your situation. Ensure that you ask the questions you may have, after all 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 focuses on health, life and LONGTERM Care insurance. Educating consumers on insurance is not only 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 medical health insurance is terminated and SMALL COMPANY Health Insurance.
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