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Group Health Insurance

If you own your own business, even if you're the only employee, you can actually get group insurance -- which, again, is easier to obtain than individual insurance. It seems bizarre, but there actually is group coverage for a "group of one."

Choosing a policy
If you're lucky enough to have a couple of individual insurance options, how do you compare? Consider these factors in choosing the policy that's right for you:

  1. What's the deductible? Throw those ideas of a $250 deductible and $15 co-payments out the window -- they may sound great for group plans, but with an individual policy, you're probably facing a deductible of $3,000 or more. But remember: Because insurance should cover the most catastrophic needs first, the deductible should figure into your decision-making, but it should not be the deciding factor.
  2. What's the lifetime cap? In other words, how much coverage will this policy provide? Does it stop paying after $1 million? $2 million? Does it have an unlimited lifetime benefit? When you think of how long you may be relying on this policy, the lifetime cap becomes much more important than the deductible.
  3. Does the coverage exempt pre-existing conditions? You may have a pre-existing condition that is excluded from coverage altogether (which may be the main reason you're buying individual insurance in the first place), or you may have to wait a year or more before you can get the benefits. What if there's an emergency in the meantime? Unfortunately, individual policies have strict language about pre-existing conditions, and you need to read the fine print carefully before you make a decision.
  4. Do you have any special coverage requirements? Do you need mental health benefits for you or a family member, or perhaps spousal coverage? Again, individual policies are not very generous, but there may be certain policies that provide better benefits than others.

The bottom line is that getting good individual health insurance coverage requires work, but the time is well spent. No matter how healthy you may feel, you still need to consider what would happen if you were in an automobile accident, or hospitalized for an extended period, and had to pay those costs yourself. Individual health insurance can help relieve some of those worries.

How do you get the best policy at the best rate?

Request a quote or contact us.

 

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