quite different when it comes to getting access to health insurance
. In fact it is so different you need to make a
decision to either take your health insurance at work or go to the open market
and purchase your own plan. Some
employers are not even offering health insurance due to the rising cost. This is especially true with smaller
businesses due to the size of the group and how much the plan is used. Bigger groups do not get a discount due to
the size; they just have a larger premium base to work with. This means they have more employees to share
the cost with and the larger group can balance health vs. unhealthy better than
We are either
switching jobs to one that will have different employer options, in terms of
coverage and costs, or your current employer is making changes to make it more
affordable for the business. It may be
an option to look outside of the employer plan and purchase a plan on your
own. More often than not, the employer
will pay a good portion for the employee but not much for your spouse and
dependents. This could drastically
reduce your costs each month. This could
be as much as 50% of what you are paying your employer. Initially, it may not make sense to break the
family apart on your health insurance, but it is the new reality to save
reason you may look outside of your company is you believe you can get better
coverage than what is offered at work.
This may be true, but do not jump the gun. The private market is not full of roses
either. There are limitations in
policies that you may not have seen with your company plan. They also lack coverage that might have been
covered such as chiropractic care and anxiety or depression treatment including
counseling. Depending on the carrier you
either will not have this kind of coverage or it is very limited and you will
end up paying for it. The other thing to
consider is pre-existing conditions. A
pre-existing condition is any treatment received within the last 12-24 months
(or longer on some health conditions).
So even if its ‘preventative’ medication or treatment it can be
classified as a pre-existing condition.
Most commonly treated conditions are usually covered at some point. Each
carrier will have a different ‘personality’ for each pre-existing
condition. This is why it is important
to work with an independent health insurance expert. How do you know they are independent? Ask them for their business card or
website. If it shows a particular
carrier logo, they have a vested interest in one company.
private insurance has become even more attractive in recent years because you
are the one in control. It does not matter
if you are self-employed, unemployed or an employee; you can continue your
coverage as long as you are paying for your premiums. Generally, if you look at the full premium
with an employer, not the portion you are covering, you can get similar
coverage privately for 30%-60% less!
This is nothing new. We are just
stuck in old times thinking someone else should be paying for it.
check: About fifty percent of
bankruptcies are due to medical bankruptcy.
Most of those filed had health insurance at the time of the on-set of
the illness. There are many reasons for
this: you are replaced at work due to the length of time off, you cannot afford
C.O.B.R.A, you lose sources of income. If you purchased your own policy you could get
it for up to 60% less than what C.O.B.R.A could be in a similar situation. That alone can make things more
affordable. If you work with an expert
they will recommend a Critical Illness Insurance
policy on every adult. Critical Illness insurance pays one lump sum
upon diagnosis of a critical illness – with no waiting period! How much would a check for $25,000 help you
when you need it the most, due your health?
It is clear
that buying private insurance is becoming more and more common. There are a lot of pluses to buying on your
own versus going with a company plan.
Make sure you use diligence when you are shopping. Put your efforts in find a health insurance
expert. They will already have done the
homework on all the plans in the market place.
It is up to you to ask enough questions to help make an educated