There are Pros and Cons to buying individual health insurance versus accepting your employer group plan. In order for you to make an informative decision we will touch on some of the main pros and cons in this article. By reviewing these pros and cons you should be able to make a decision with confidence that you have thought through thoroughly.
It is no secret that health insurance rates are raising. So it is no surprise employers are not sharing as much cost for our group health insurance. They usually never cover our dependents. Dependent rates can be very high. And if they only cover a small portion of our coverage the rates are still unaffordable at times.
An individual insurance is based solely on you and your family instead of a group. What this means is that they look very closely at your health condition. If anyone in the family has a health condition it affects the outcome. Rates could increase, condition may not be covered or the insurance company could decline coverage for that individual.
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.
One of the pro's to going with individual health coverage is the freedom to choose a plan that suits your needs best. Carriers offer a huge array of different plans for you to choose. They have catastrophic plans, plans that allow office visits for a small fee (co pay) and even tax compatible plans called HSA's.
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. - 15224
It is no secret that health insurance rates are raising. So it is no surprise employers are not sharing as much cost for our group health insurance. They usually never cover our dependents. Dependent rates can be very high. And if they only cover a small portion of our coverage the rates are still unaffordable at times.
An individual insurance is based solely on you and your family instead of a group. What this means is that they look very closely at your health condition. If anyone in the family has a health condition it affects the outcome. Rates could increase, condition may not be covered or the insurance company could decline coverage for that individual.
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.
One of the pro's to going with individual health coverage is the freedom to choose a plan that suits your needs best. Carriers offer a huge array of different plans for you to choose. They have catastrophic plans, plans that allow office visits for a small fee (co pay) and even tax compatible plans called HSA's.
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. - 15224
About the Author:
Agent Jeff Cline wants to help you with your individual medical insurance needs. We also offer Individual Health Insurance depending on your needs. We also specialize in Family Health Insurance. Contact us if you have any concerns, we are eager to help you with your needs. We are here 365 days a year. Our toll free number is 866.526.9669.
