Health Insurance Articles
Buying Insurance vs. Company Health Insurance
2009-06-11
Having to decide to either buy health insurance through your employer or buy health insurance on your own can be a tough decision with many factors. You have to take into consideration how much your co-pay will be for routine and specialty care, how high your deductible is, what is covered and what isn't covered, what doctors are covered under your plan, and what your total monthly premiums will be. By the time it's all said and done, you may be exhausted.
Employers usually acquire affordable health insurance because they can spread their plan throughout the company. However, those who are healthy and rarely ever sick still have to pay more premiums than those who get sick more frequently. Fortunately there is another option - and that is buying your own health insurance.
A lot of people have started looking around for their own health insurance, especially with the rise of health insurance costs and deductibles. But where do you start? First off, if your employer has brought in a health insurance company representative, they should give you some information regarding insurance coverage for you, you and your spouse, and you and your entire family. With that information, you will be able to shop around and compare prices to see what would be easier and cheaper. You should be able to look at deductibles and monthly premiums as well.
To look for your own health insurance, talk to other people that have purchased their own health insurance and let them give you some advice. You can also look online for free quotes, and research around to find the best deal for your budget and health needs.
One disadvantage is that while most companies will pay most of the insurance costs, you generally have to meet certain requirements, such as being full-time or part-time, meaning you have to work a certain amount of hours per week for them to pay your insurance. If you do not work your required number of hours, the employer can penalize you and not pay for your insurance, leaving you to pay the remainder of the balance.
If you're still needing some help in being pointed in the right direction, look for a health-insurance broker. They not only look around and price-shop for you, but they can investigate health insurance companies and check to make sure they keep their costs and premiums the same. You can also look at your state's health insurance website, as well as look into your state's high-risk insurance pool. Also look into using the federal COBRA legislation for your benefit.
If you do decide to look around for your own health insurance coverage, the main thing to remember is to find insurance that fits your needs and to obtain coverage for your protection.
