Are you looking for the confidence to figure out on your own if Individual health insurance is a better option for you instead of you Employers Group policy? Well, this article will answer many of your questions. You will be able to make an informed decision based on the pros and cons you find here.
The main reason consumers think about going to individual health insurance through a private health insurance company versus their employer group policy is because of the increasing cost of group premiums. Many times your employer pays a portion or your entire premium, but pays nothing for your dependents.
Individual health insurance premiums are typically more affordable then group premiums. This rule is not true for everyone however. Carriers set rates according to factors such as age, location and medical conditions. So if you or your dependent is 55 and has a few medical conditions you may get the best rates through the group policy.
This brings us to pre existing medical conditions. If you opt for the group policy they must accept you no matter your medical conditions. With an individual policy you go through an underwriting process which could ultimately end up with a decision to decline you if you have a declinable health condition. They also look at your weight as a means of accepting.
Would you like to choose a plan that meets your needs exact? Group restricts you to accept what they offer. Individual insurance allows you the freedom to secure what meets your needs. That way you only pay for what you need or desire.
When you go with a group you are locked in. You are obligated to use the plan they offer with no freedom to choose the benefit package. They also have an enrollment period. If you miss it you have to wait a year to sign back up or make changes. Your employer can change the carrier and/or plan every year if they want, which means rates and benefits are subject to change. And it may leave you searching for a new physician every year.
Individual allows for some innovative customization. You have the flexibility to add many benefits to one of the basic plans. You could add things such as dental, vision, maternity and even life insurance.
As you can see there are many factors you should ponder before deciding which option is best for you and your family. You should take some time to think about your budget, medical conditions and what is important to you.
The main reason consumers think about going to individual health insurance through a private health insurance company versus their employer group policy is because of the increasing cost of group premiums. Many times your employer pays a portion or your entire premium, but pays nothing for your dependents.
Individual health insurance premiums are typically more affordable then group premiums. This rule is not true for everyone however. Carriers set rates according to factors such as age, location and medical conditions. So if you or your dependent is 55 and has a few medical conditions you may get the best rates through the group policy.
This brings us to pre existing medical conditions. If you opt for the group policy they must accept you no matter your medical conditions. With an individual policy you go through an underwriting process which could ultimately end up with a decision to decline you if you have a declinable health condition. They also look at your weight as a means of accepting.
Would you like to choose a plan that meets your needs exact? Group restricts you to accept what they offer. Individual insurance allows you the freedom to secure what meets your needs. That way you only pay for what you need or desire.
When you go with a group you are locked in. You are obligated to use the plan they offer with no freedom to choose the benefit package. They also have an enrollment period. If you miss it you have to wait a year to sign back up or make changes. Your employer can change the carrier and/or plan every year if they want, which means rates and benefits are subject to change. And it may leave you searching for a new physician every year.
Individual allows for some innovative customization. You have the flexibility to add many benefits to one of the basic plans. You could add things such as dental, vision, maternity and even life insurance.
As you can see there are many factors you should ponder before deciding which option is best for you and your family. You should take some time to think about your budget, medical conditions and what is important to you.
About the Author:
Broker Jeff Cline wants to help you with your individual health insuarance needs. We also offer Individual Health Insurance depending on your needs. We also specialize in Family Health Insurance. Contact us if you have any questions, we are eager to help you with your needs. We are here 7 days a week. Our toll free number is 866.526.9669.
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