The past ten years have brought a lot of changes to the Heath Insurance world, for employees and for employers.
Many used to have health insurance as an employee benefit, which over time has added costs to insurance. Small employers are no longer offering coverage, as group insurance is costly and continues to increase every year.
One of the reasons this happens is that if there is one person in the group with a pre-existing medical condition, then the entire group plans is rated up. In Illinois many group carriers, rate- up the maximum allowable percentage of 67%.
Of course this has discouraged small business owners from purchasing coverage at all. Or employees are paying for more and more of the only costs, and taking higher deductible plans so the out of pocket is greater also.
Group coverage is not always the best answer!
One way to help this is to purchase your own plan, and ask your employers to pay you a stipend. You will have your own personal plan and will be able to take that with you wherever you go. While on your own plan it is always a good idea to continue to check out rates with different carriers on a regular basis, which is another way to continually keep ahead of the annual increases.
Price is not always the motivating factor, good coverage with a carrier that pays claims quickly along with your out of pockets costs are the most important factors.
Understanding your coverage completely is the best way to avoid financial loss.
And the best way to do this is by working with an Independent Broker, who will help you to make the best decision.
