In this day and time, health insurance is a major concern and a huge cost for most families as well as single people. Today starts a 3 part series that aims to help make the often intimidating world of health insurance a little easier to understand.
Selecting an insurance carrier and a plan that is right for you and your family does not have to be a complicated task. The sheer volume of insurance carriers and policies may seem overwhelming, but there are some things you may do to make the process of selecting one easier. Taking an organized, step-by-step approach will help you make an informed decision.
First of all, examine your circumstances. Are you:
- currently uninsured and selecting an individual policy?
- insured through your employer and choosing from the options offered by your employer?
- insured through your employer, but given no options?
Individual or Group Plan?
Choosing an individual policy means you can examine all the choices in the insurance market to make your selection. If your employer offers group coverage, typically you may have several options from which to choose, or your employer may choose the coverage for you. Often larger companies offer several coverage options to employees, and smaller companies just have one plan for everyone. You are not required to go with your employers insurance carrier. You are free to investigate and
Coverage Through Your Employer
Taking advantage of health insurance offered through your employer could be the most cost effective way to go as long as your employer is paying part of the premium. If your employer is not paying any of the premiums, you may be able to score a less expensive premium as an individual, particularly if you and your family are healthy. Group coverage through an employer takes into account the health histories of all employees; therefore if you are an exercise/health food freak with a resting pulse rate of 50, you still may pay a higher premium by being grouped with the overweight smoker in the cubicle next to yours.
Insuring Your Children Separately
It is possible to insure your children separately. Few people consider this option. Sometimes teenagers and college-aged children who are in good health have very low premiums when insured separately instead of as part of a group plan that includes their middle-aged parents who have health issues.
Educate Yourself
Educating yourself about the insurance choices that are available to you instead of just going with the one your employer chooses can help you make the most of your premium dollars by getting you the right coverage at a price you can afford. It is unwise to simply go with the cheapest plan. You may find out the hard way that the cheap plan covers very little of what your family really needs. Cutting your household budget in another area to allow you to pay a little higher health insurance premium for better coverage may prove to be a worthwhile investment down the road.
Selecting an insurance carrier and a plan that is right for you and your family does not have to be a complicated task. The sheer volume of insurance carriers and policies may seem overwhelming, but there are some things you may do to make the process of selecting one easier. Taking an organized, step-by-step approach will help you make an informed decision.
First of all, examine your circumstances. Are you:
- currently uninsured and selecting an individual policy?
- insured through your employer and choosing from the options offered by your employer?
- insured through your employer, but given no options?
Individual or Group Plan?
Choosing an individual policy means you can examine all the choices in the insurance market to make your selection. If your employer offers group coverage, typically you may have several options from which to choose, or your employer may choose the coverage for you. Often larger companies offer several coverage options to employees, and smaller companies just have one plan for everyone. You are not required to go with your employers insurance carrier. You are free to investigate and
Coverage Through Your Employer
Taking advantage of health insurance offered through your employer could be the most cost effective way to go as long as your employer is paying part of the premium. If your employer is not paying any of the premiums, you may be able to score a less expensive premium as an individual, particularly if you and your family are healthy. Group coverage through an employer takes into account the health histories of all employees; therefore if you are an exercise/health food freak with a resting pulse rate of 50, you still may pay a higher premium by being grouped with the overweight smoker in the cubicle next to yours.
Insuring Your Children Separately
It is possible to insure your children separately. Few people consider this option. Sometimes teenagers and college-aged children who are in good health have very low premiums when insured separately instead of as part of a group plan that includes their middle-aged parents who have health issues.
Educate Yourself
Educating yourself about the insurance choices that are available to you instead of just going with the one your employer chooses can help you make the most of your premium dollars by getting you the right coverage at a price you can afford. It is unwise to simply go with the cheapest plan. You may find out the hard way that the cheap plan covers very little of what your family really needs. Cutting your household budget in another area to allow you to pay a little higher health insurance premium for better coverage may prove to be a worthwhile investment down the road.
RSS Feed