subject: Most Affordable Health Insurance, Individual Health Plans, Hsas [print this page] One of the questions that we sometimes get here at HSA for America is, which am I better off doing, buying my own individual coverage or going with coverage that my employer is offering me. So let's address that.
First, when you look at which is costing more, do individual premiums cost more than group premiums? A lot of people have the mistaken idea that that's the case, but it's really not. Individual health insurance plans are much less expensive than group plans, typically half as much, so if you were paying the full cost through your employer and you have an opportunity to get individual coverage instead and you're in good health and would qualify for an individual plan, then yes, you can save a lot of money going with a portable individual plan that's yours and not tied down to your employment.
But the other thing to consider as well, is how much is your employer paying off that premium and how much are they asking you to pay. In most cases, they are paying some, if not all of the employee's premium. Sometimes, they'll also cover dependents, sometimes they will not. So often times, we find that it's best for the employee to stay on their group plan, but then to buy an individual plan for their spouse or spouse and children rather than adding them to their expensive group policy particularly for companies not picking up any of that cost.
Another thing to consider if everything balances out cost wise and you do qualify for an individual plan and can do that; individual plans are totally portable. So again, they're not tied down to your employment. If there's a chance you may ever leave this employer, then you don't have to worry about losing your health insurance if you own your own individual plan. So those are some things to consider when looking at taking your employer's group coverage or purchasing individual coverage for you or your family members.
For more information on how to make the most of your Health Savings Account go to www.HSA-Resources.com. There you will also find information about how to open a Health Savings Account, about how health care reform will affect your HSA and why you should take advantage of the opportunity to own a Health Savings Account now.
by: Wiley Long
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