Health Insurance Articles

Deciding Whether To Use Your Employer Health Insurance Plan

2010-11-06

Many companies and workplaces offer employer health insurance as part of a benefits package for employees. Generally, the employer pays a portion of the monthly premium and the remaining part is the responsibility of the employee. While a health benefits package may sound like a great opportunity, it is important that you thoroughly examine all of your health insurance options before committing to any specific health insurance policy.

Things to Consider

When looking over your employer health insurance plan, keep in mind that work sponsored insurance is not your only option. There are a number of factors to consider when seeking the right health insurance plan. Don't limit yourself to what your employer provides. Do your homework and check into all of your various health insurance options.

Value

Be aware that the value of a health insurance plan is not determined simply by the amount of the monthly premiums. Your employer health insurance may offer a plan with very low monthly premiums. However, make sure that you figure in all of the various benefits and deductibles when determining the actual cost of the plan. A high co-pay or deductible may make a huge difference in your out of pocket expenses. You should also consider the yearly maximum coverage amount. Is this amount enough to cover you if you suddenly become ill and require extended medical care?

Benefits

What benefits does the employer health insurance package include? Look through the various health services offered. Are these all services that may be beneficial to you? Is there any health service you require that is not covered by the plan?

Pre-existing Conditions

Do you have a pre-existing condition? If so, you want to make sure that the plan will cover it. While many health insurance plans include a clause about pre-existing conditions, they generally will cover them after a specified amount of time. However, some plans may not cover them at all.

Network

If your employer health insurance plan requires that you use a network provider, you will have to pay more to go to a doctor outside of the network. In some instances, you may not be covered at all. If you have a specific doctor you want to go to, make sure that physician is included in the network providers.

Other Health Insurance Options

Remember that you are not required to accept the health insurance offered through your employer. If the plan does not provide adequate coverage, you can purchase individual health insurance directly from a health insurance company. Discuss your various individual health insurance options with an agent to find a plan that is best for you.