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Health Insurance Planning
What is Health Insurance?
Health insurance is one type of insurance you’re pretty much guaranteed to use. We all need medical attention from time to time, and some of us need it quite frequently When care is needed, you want to focus on getting better not on how you’re going to come up with the money to pay your medical bills. A good health insurance plan allows you to focus on what’s most important, your physical well‐being.
Individual Health Insurance
Simply put, medical insurance is protection against medical costs. A medical insurance owner is a contract between an insurer & an individual or group, in which the insurer agrees to provide specified medical insurance at an agreed-upon cost (the premium). Depending on your owner, your premium may be payable either in a lump sum or in installments.
Medical insurance usually provides either direct payment or reimbursement for expenses associated with illnesses & injuries. The cost & range of protection provided by your medical insurance will be contingent on your insurance provider & the particular owner you buy. If your employer does not offer a medical insurance plan, you may need to buy medical insurance by yourself.
Why You Ought to Buy Your Own Health Insurance Owner
For years, Americans expected their medical insurance to be provided by their employers. Health coverage came standard with most jobs, & plenty of people seldom worried about paying their doctor & hospital bills.
Those days are gone. Today, the rising cost of healthcare means that most companies cannot afford to offer coverage. & now increasingly people are taking a look at individual medical insurance.
Plenty of people think that individual health coverage is more expensive that group health coverage. & plenty of people think it is hard to find individual coverage that offers comprehensive health protection
Individual Health Makes More Sense
The reality is that individual medical insurance offers several advantages over group medical insurance. Sure, it'd be lovely if your boss paid ever last dime of your health premium - but that is getting rarer & rarer. Employers keep shifting more costs onto their employee's shoulders. For plenty of American workers, every few months means a bigger chunk of their paycheck going to pay for their "employer-sponsored" insurance owner. & plenty of workers are finding that these insurance policies leave plenty to be desired.
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Group Health Insurance
Medical expenses can quickly add up, and most people are unable to pay for health care out of pocket. In order to defray these costs, people purchase health insurance. There are two primary venues for health insurance: individual policies and group policies. Although individual policies are gaining in popularity, group health is by far the most popular and common way for individuals to obtain insurance.
How Does Group Health Insurance Work?
A group health policy is purchased in bulk from an insurance provider. The purchaser is usually an employer, and the group policy covers all employees at that company. Individual employees will pay premiums as a way to reimburse the employer for the cost of coverage; these premiums are usually much cheaper than they would be if the employee bought an individual policy for himself.
Current legislation requires all employers to provide some form of health insurance to employees. This means that many employers are searching for the best deal on policies, creating a very competitive market. Many employers purchase two or three types of policies that can be chosen by employees through a cafeteria plan, while others prefer to purchase only one set of coverages that will apply to all employees who choose to participate.
What Are the Benefits of Group Health Coverage?
Buying insurance this way allows for risk to be spread evenly over a large group of people; even if some employees must use their insurance in one year, many more will pay premiums that year without requiring any insurance services. Spreading the risk allows the insurance company to keep premiums low. It also allows individuals to obtain insurance even if they would not qualify for an individual policy.
For example, some individual policies will require the insured to pass a physical exam before coverage can be applied. In other cases, people with pre-existing medical conditions cannot get an individual insurance policy, or can only get one for a heavy cost. Group health plans do not have these restrictions, making them an affordable health care option for people who are employed.
Not everyone will choose to enroll in their employer’s group health plan. Some people prefer the flexibility of another insurer, and some individuals would rather save money by avoiding insurance altogether and taking the risk of being uninsured. Most employees, however, will opt for group insurance, so it’s important for any employer to provide affordable options to the employees.
Where to Purchase Group Health Coverage?
If you are a business owner, you will want to purchase an affordable health care plan for your employees. The best way to find the best company to suit your needs is by comparison shopping online. You can generally filter these results by price, coverage or other criteria that will help narrow down the search to plans that will suit your needs.
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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by Advisor Launchpad to provide information on a topic that may be of interest. Advisor Launchpad is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Copyright 2017 Feliciano Financial Group
Securities and investment advisory services offered through Lion Street Financial, LLC., member FINRA/SIPC. Fixed and traditional insurance offered through Feliciano Financial Group (FFG). Medicaid planning and consulting offered through Geriatric Care Solutions (GCS). FFG and GCS are not affiliated with Lion Street Financial, LLC.
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