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 Posted: Thu Jan 10, 2008 2:07 am Post subject: HEalth Insurance |
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| Someone has Health Ins. as a Group. does He can Get the same company as Individual cheaper/ |
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Goodnaz
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| Posted: Thu Jan 10, 2008 12:48 pm Post subject: |
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doubtful if he is the employee, if he is a dependent then yes maybe, have to shop around
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Lori
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| Posted: Thu Jan 10, 2008 5:40 pm Post subject: HEalth Insurance |
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Hi Goodnaz,
Just want to make sure I understand the question.
Are you asking - If someone is in a group health insurance plan at work, could they get the same health insurance cheaper? Is that correct?
If so, the answer is "Sometimes".
In a small group of say, 4 or 5 employees, with three of them being in their 50's, the 25-year-old employee is penalized due to the average age of the group. Does that make sense?
In this case, the young person could more than likely buy an individual health insurance plan for a lower premium than the group premium.
It just depends on the size of the group, the average age of the group, and the average health condition of the group.
Get a quote and just see. Make sure you are comparing the same exact plan benefits and not just price and please don't consider changing health plans if you already have existing health problems. |
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InsuranceMaze
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| Posted: Fri Jan 11, 2008 7:28 am Post subject: What are his chances! |
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| Quote: | | It just depends on the size of the group, the average age of the group, and the average health condition of the group. |
In that case do I suppose that greater is the size of the group more are his chances of paying a better premium staying within the group rather than paying it individually ?
ClaytonCV
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ClaytonCV
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| Posted: Fri Jan 11, 2008 10:51 am Post subject: |
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| Quote: | | Are you asking - If someone is in a group health insurance plan at work, could they get the same health insurance cheaper? Is that correct? |
That is the way I took it too Ins. Maze, and perhaps (I) incorrectly assumed, many, (not all) the EMPLOYEE'S coverage is either free or really really cheap...their dependents on the plan, not so much...
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Sat Jan 12, 2008 3:46 am Post subject: |
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Great question! Is individual coverage cheaper and/or better than group coverage, and what about that premium thing?
| Quote: | In a small group of say, 4 or 5 employees, with three of them being in their 50's, the 25-year-old employee is penalized due to the average age of the group. Does that make sense?
In this case, the young person could more than likely buy an individual health insurance plan for a lower premium than the group premium.
It just depends on the size of the group, the average age of the group, and the average health condition of the group. |
Insurance Maze has a good point. Some basic info is that group plans are primarily based on "averages": average age, gender and risk of the group. The older the group, if there's any tilt toward one gender of employee, and if the group as a whole presents a bigger risk based on the type of employment (like a dynamite mfg company vs. an accounting firm); these all are factors that play into the premium. As well, many plans are "experience rated" based on the amount and severity of claims.
Another thing to consider is
| Quote: | | Make sure you are comparing the same exact plan benefits and not just price and please don't consider changing health plans if you already have existing health problems. |
Another good point. Group plans generally have much better benefits and are further ranging than individual plans. You have federal protection under HIPAAs portability rules if you meet certain eligibility guidelines (another discussion). If you meet these guidelines, you won't have to worry about exclusions for any pre-existing conditions, that is, if the individual policy actually gets issued. Each state has it's own rules on this kind of stuff, and most do NOT require the insurer to issue an individual insurance policy except in certain circumstances. Your OP didn't give me any impression that you would qualify in that sense.
I wanted to address Lori's question:
| Quote: | | That is the way I took it too Ins. Maze, and perhaps (I) incorrectly assumed, many, (not all) the EMPLOYEE'S coverage is either free or really really cheap...their dependents on the plan, not so much... |
The employee benefit arena is not a fun place to be in right now. It is the rare employer who now pays 100% of the employees group insurance premium, and even "weird" these days to see "full non-contributory" plans where the employer pays 100% for you AND you family. Everyone is aware of the "crisis" in healthcare in the US and UK (Yeah UK- you have your own set of fairly unique issues), and this is driving, in part, employee benefits insane. I think this would be a great post or blog idea. Thoughts anyone?
Good luck, and let us know if there's anything else!
InsTeacher  |
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InsTeacher
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| Posted: Sat Jan 12, 2008 11:14 am Post subject: |
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| Quote: | | It is the rare employer who now pays 100% of the employees |
How true...my husbands company (he's a RR engineer-29 years) all this time until the last three years paid 100% he and our family (now just he and I but for many many years two kids too)...now he is having to pay the 'increases in premium or cost'' which translates to 'it goes up every year''...as I said, though was a damn good ride for about 25 or so years...for "US" though it is still cheaper (for both ) to stay put....we couldn't get like coverage for twice the amount he pays (for now!) 
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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