With the rising cost of healthcare, a lot 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 may cost less. Having 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 is not tied to your task and can offer you little bit of mind later if you lose your job or become un-insurable. The opportunity to reevaluate what's vital that you you when needed can possibly save you a huge selection of dollars. Because the economy causes more employers and more visitors to tighten their budgets, it can be time to look at your health 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 issues could cause denial of coverage. By law no one in a group insurance plan can 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 increase premiums up to 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 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, plus 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 if you are pay 100% of the premium yourself and your group has lots of health conditions. Insuring members of the family on another family policy is becoming more common as families try 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 may not be able to. This can not always be taken in to account during the decision process with regards to group medical health insurance. Needs may vary from one person who visits the physician weekly to some other who may only see a doctor every few 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 by way of a group. Employer paid insurance benefits could be nice but, what if you lose your task? Your employee health benefits are only good when you are employed. COBRA could be available but you are 100% in charge of the health insurance premium. On COBRA you're responsible for the portion your employer has been covering. what is mewe 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 would be COBRA if you have an option and only during 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. With 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 on the rise, so are the average person insurance costs. 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 additionally battle they will bring out new plans, lower rates or both frequently. So long as you remain healthy, your wellbeing policy should be re-evaluated annually to help save you money. An independent agent's job should include offering you annual updated quotes, and 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 derive from you alone while allowing you some freedom of choice. Escalating insurance costs are causing more business' to cut benefits or eliminate insurance all together. Consumers are also attempting to cut their own cost as our economy brings more worry, what better time to cut costs 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 then call an independent agent for a free of charge second opinion. Most agents are pleased to sit back, help educate you and give you a genuine comparison of what's available for your position. Make 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 agent who focuses on health, life and LONGTERM 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 used 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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