- Group Health Insurance - It's Not Always the Cheapest Way to Go
- By:Alexis Jensen
Common wisdom is that group health insurance will save you money. And in many cases this is true. However, there's a great big secret that brokers don't want you to know about that could allow you to save more while getting individual coverage that's better designed for YOU and your family than you can get with a group policy at the same price or even for less.
Group polices derive their savings through the quantity of policies being written at the same time. There is supposedly enough of a savings when ten or twenty or more people all sign up for the same policy at the same time. That used to be true, but times have changed and there's a simple way for you to get your own health policy - one tailored more specifically to YOUR particular needs - at wholesale prices that might even beat the price you can find for a group policy.
There's another problem with a group policy. Group policies treat everyone the same. It's like you are simply cattle being loaded onto a slaughter truck. With a group policy it's unlikely you'll have any say-so over which doctors you see or which hospitals you use. You really have almost no say regarding ANY aspect of YOUR health care.
If cost is your overriding concern there are ways for you to get an individual policy at the same or even at a lower cost than you'll pay for many group policies.
Start by paying your monthly premium directly from your bank account every month. It costs your company more than you might think to mail you a bill every month - if you save them this expense they will be only too happy to pass most of the savings back to you in the form of a lower premium.
Depending on how often you see your doctor every year you may be able to save a lot of money by simply increasing your co-pay from 25% to 50%. Run a few figures through your calculator and see if your monthly premium saving will outweigh the added cost each time you visit your doctor.
Don't smoke. And don't use chew. If you're a smoker or if you use chew then you've heard this a million times before - but that doesn't change the fact that if you want the cheapest form of health coverage you're certainly not going to get it if you smoke or use chew.
The great big secret, the thing that has changed the health insurance landscape and which will permit you to buy an individual health policy for the about the same cost as a group policy is the internet.
That's right. All you need to do is to buy your policy online. Online brokers have almost no overhead, which means they can sell to you at wholesale prices and still make a profit. There is also a ton of competition online and competition means just one thing - lower prices.
In fact, there is so much competition online that the only way for online brokers to stay in business is to cut their prices to the bone - and that means YOU win. This is why you may very well be able to find an individual policy tailored to YOUR needs at a price that blows your group policy out of the water.
So go ahead. Get online. See for yourself just how much you can save on an individual policy simply by buying it online. You may be amazed.
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