Your Employer-Offered Health Insurance Might Not Be The Best Option
When it comes to health insurance coverage, some people assume that their employer-issued group plan is the best option available. However, it's not always the case. In some instances, an individually purchased plan is a better option all around.
If there is one possible benefit of an employer-offered health insurance plan, it would have to be the fact that the employer does all the work for you. Employers comb through policies and select which one they will offer, and as a result, which physicians and healthcare facilities you can visit with coverage.
However, the fact that the employer chose the policy will look like less of a benefit if there are not any physicians and facilities in the network that you want to visit. When you select your own policy, you have the choice to select which policy you choose based on the providers that you want to visit. Having a physician that you trust and that you are comfortable with is very important to your healthcare needs.
Keep in mind; an employer-offered policy is linked to your employment. In the event you leave the job, you will also lose any coverage you have. In some instances, an employer might offer the policy for a set number of days after your employment is terminated, but this scenario is not the standard.
In the event you have an illness or other medical condition, the lapse in coverage until you find another policy can put you at risk of spending a lot of money out of pocket for your healthcare. An individual policy is not linked to your employment and travels with you whether you leave the company or not.
Family Coverage Costs
One thing that people often overlook is the fact that employer-offered policies are typically geared toward covering the employee. While these policies do offer family coverage options, they often come at a considerably higher premium than an individual policy.
While family polices are more of an investment than an individual policy, the difference between these two policies is sometimes smaller when you purchase your own plan, especially when you consider any premium tax credits you gain from securing your own policy.
Health insurance is a very important aspect of life, and therefore, deciding on a policy is not a decision you should take lightly. Take the time to weigh your options to ensure you have the best protection.