With health insurance premiums on the rise, if your covered by a group health plan, it may be well worth your time to take a look at an individual plan for your dependent coverage. If your spouse and child or children are reasonably healthy you may be able to save a significant amount of premium with an individual health plan.
Most people don't realize, but an employer contributes a large amount of premium towards the employee coverage under a group health plan. However, with premiums increasing annually, employers are paying less and less towards the dependent coverage. In many cases they are paying little or no premium towards your dependent coverage.
If your spouse is relatively young and healthy, you can most likely save premium with an individual plan. Group rates are usually higher than individual rates since they insure the healthy along with the not so healthy. Group rates are also usually averaged for the entire group. Therefore, if the average age of the group is say 45, then the average rate will be based on someone that age.
If you have a small family of say 3 or less children, then you may benefit by moving your children to an individual plan. This is because most group plans offer one rate for children, whether you have one or ten! Most companies set an average rate based on coverage for about 3 children.
Unlike group plans, coverage with and individual is not guaranteed and neither are the rates. You have to be medically underwritten and the outcome can vary greatly. For applicants with medical conditions, the insurance company can:
1) Increase the rate
2) Issue an exclusionary rider
3) Increase rate and issue an exclusionary rider or
4) Decline coverage all together.
If you have any medical conditions and you are skeptical of submitting an application, ask your agent to complete an anonymous pre-screen. This process will eliminate needless applications to companies who do not accept certain medical conditions and reduce the possibility of placing a decline tic with the Medical Information Bureau (MOB)
Having an agent will NOT increase your premium or cost you ANYTHING more. And if you ever need assistance with a claim or premium issue, you will have someone who knows the company to assist you with your problem.
Also, be sure to keep your current coverage in place until a reputable company has offered acceptable coverage.
If you would like to see if you can save premium by switching to individual coverage, visit http://www.advanced-
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