Individual or Group Major Medical Health Insurance?
By Jorge Hiram Garcia, Your Insurance Advisor | April 15, 2010
For the majority of Americans, individual and family major medical health insurance policies are a better fit, if they are healthy and are younger than age sixty years old. The three reasons that individual and family major medical health insurance plans are a better fit are that these types of major medical health insurance plans are:
- Safer – Individual and Family major medical health insurance plans are not dependent on your employer so that in case you lose your job, you don’t lose your coverage. Research shows that losing job-related major medical health insurance coverage is how most American families end up with a medically-related bankruptcy each and every year.
- Less Expensive – Research shows that the cost for individual and family major medical health insurance plans is bout one-half, and sometimes less, than the price of an employer-sponsored plan coverage with similar benefits. In fact, many families will pay less for better quality individual and family major medical health insurance coverage than they are currently paying in monthly contributions for their employer sponsored plan.
- More options – Individual and family major medical health insurance offers more flexibility for families who members are healthy. Additionally, a plan with a high deductible may be an even better, less expensive choice for individual and family major medical health insurance coverage. With a high deductible healthcare plan, an individual or a family can decide to open a Health Savings Account which will allow individuals or families to save what they don’t spend on medical, health and medical-related expenses. The savings instead are invested tax-free in the Health Savings Account (HSA) for future medical and healthcare expenses, or they can be used as retirement savings.
What if your employer pays 100% of the contributions for your own personal coverage. Then, that’s great, it doesn’t get any better than that. Unfortunately, this benefit does not cover your family, and the costs to cover your family may be less with an individual and family health insurance plan, rather than as an add-on with your employer sponsored plan. Remember, that an individual and family major medical health insurance plan offers more flexibility in coverage and benefits than an employer sponsored plan.
You may be able to save a good amount of money each month by getting individual and family major medical health insurance plans to cover your spouse and children. Nationally, employer sponsored plans tend to cost about twice the cost of individual and family health plans with similar benefits or coverages.
Do your own research and look in to individual and family major medical health insurance plans. You may end up being able to save enough money each month to save up for that great family vacation your children will remember for the rest of their lives, and that is really the reason why you work so hard, isn’t it?
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