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.
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 rates can be more affordable, but that rate is based on many factors that may make Group coverage the best option. If you have a medical condition or you are overweight your premium will reflect that in an individual insurance plan. Costing you more.
There are times Group Insurance can end up cheaper and your only option. If you have a medical condition that is causing the individual carrier to significantly increase your rate or refuse coverage Group is the way to go. Group Insurance can not decline you coverage based on your medical condition.
If it is freedom you like, than an individual plan is probably a good choice. They have many plans, many benefits and many customizable additions. You just pick and choose, find what suits your needs and get what you pay for. No more, no less.
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 rates can be more affordable, but that rate is based on many factors that may make Group coverage the best option. If you have a medical condition or you are overweight your premium will reflect that in an individual insurance plan. Costing you more.
There are times Group Insurance can end up cheaper and your only option. If you have a medical condition that is causing the individual carrier to significantly increase your rate or refuse coverage Group is the way to go. Group Insurance can not decline you coverage based on your medical condition.
If it is freedom you like, than an individual plan is probably a good choice. They have many plans, many benefits and many customizable additions. You just pick and choose, find what suits your needs and get what you pay for. No more, no less.
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 assist you with your needs. We are here 7 days a week. Our toll free number is 866-526-9669.
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