With what is mewe rising cost of healthcare, increasingly more Americans' are no longer 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, an individual policy may cost less. Having an individual policy you gain 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 piece of mind later in the event that you lose your job or become un-insurable. The opportunity to reevaluate what's vital that you you when needed may possibly save you hundreds of dollars. Because the economy causes more employers and much 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 in comparison to individual, and in the individual insurance market pre-existing health conditions can cause denial of coverage. For legal reasons no one in a group insurance plan can be denied coverage because of medical conditions such as for example 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, the State of Missouri allows insurance carriers to improve premiums around 107% on the preferred rates for healthy people.* Rules vary state to convey 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 conditions, 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 will be less or even more favorable. Your family's part 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 on another family policy is becoming more prevalent as families make an effort 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 during the decision process when it comes to group medical health insurance. Needs may vary in one person who visits the doctor weekly to another who may only see a doctor every few years. Why pay higher premiums for benefits you might never use? Control over your cash and your health for your individual situation can 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 benefits are only good when you are employed. COBRA could be available nevertheless, you are 100% in charge of the health 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 experienced 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 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 may be the state of Missouri's resource, but it is very expensive and has limitation. With an individual plan you own it so 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 increasing, so are the individual 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 bring out new plans, lower rates or both frequently. So long as you remain healthy, your health 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 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 currently 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 in the middle of your employer medical health insurance options or purchasing an individual insurance policy could save you hundreds of dollars annually. Investigate all options available to you and then call an independent agent for a free second opinion. Most agents are happy to sit down, help educate you and give you a genuine comparison of what's available for your situation. Make sure to ask 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, can be an independent insurance professional who specializes in health, life and LONGTERM Care insurance. Educating consumers on insurance is not only employment 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 bought at this site- Options once you medical health insurance is terminated and Small Business Health Insurance.
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