subject: Medical Care Insurance Rates For Groups [print this page] Health insurance companies offer lower rates to those who buy on their own. Many people make the assumption that if they purchase their medical care insurance through their company or buy as part of an association that they will get a lower rate. While this may be true at times, this isn't often the case.
Families will often pay more for a group healthcare protection plan when compared to what they would pay if they applied as an individual. You may be losing thousands of dollars per year if you have made the wrong decision in this area.
Many consumers are affected because of this misconception. This hurts those who are self-employed. This raises the expenses for families who have the choice to buy a group health care plan from their job or a private plan on their own. Many people on COBRA could choose to buy a plan directly at a much lower price, but never get individual prices.
COBRA is just an employer-based healthcare insurance plan offered by your former job. Since it's a group policy and since you will probably have to pay all of the cost, COBRA is usually very expensive. It costs many consumers hundreds of unnecessary dollars more each month than the premiums of a similar family plan.
The premiums for a healthcare protection policy are for the most part determined by the cost of medical claims of the people your insurance carrier associates with you. If you are placed in the group that is composed of 23-year olds, you will probably pay lower premiums than if you are connected with a group of 41-year olds, On the other hand, if you are grouped with 21-year old women who have high blood pressure, you may pay more for your policy than if you are grouped with 42-year old individuals who have recently passed a medical care underwriting process with high marks.
Often if you buy group health care insurance, you will not be asked any health history questions and will be offered a health insurance plan based only on your gender and age. This is good should you have pre-existing conditions. However, if you are in good medical, you will want to be grouped with those who have passed the carrier's medical underwriting. Applying for a health coverage plan that asks health history questions is the only way to get into this group.
Group health care insurance frequently costs more for this reason. A carrier will pay more claims for the group it wasn't allowed to investigate. Most people believe that a group health coverage policy will cost less due to the fact that, buying in larger quantity results in a lower cost when it comes to most other things. Buying a two-year subscription usually cost less than buying two separate one-year subscriptions.
One more reason people believe that group healthcare insurance is less expensive is that in many cases a place of employment will pay a portion of one's medical care coverage premiums. This results in the employee seeing a monthly cost amount that is much less than what your job pays to the insurance carrier.
Since this is true, be certain that you are getting the most advantageous price and coverage by checking with all of the medical insurance coverage choices available to you. You might be eligible for a group plan at your place of employment with a portion paid by your employer. Perhaps you can get a similar deal from your spouse's employer. You may be able to find an individual medical insurance plan from a reputable insurance company that sells to individuals and families.
Be sure that you have a good understanding of your choices before making a final decision. Believing that employer-sponsored health care insurance is less expensive than an individual is or family medical care plan can cost you a bundle every year.
by: Alston Balkcom
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