Posted by Andres G. Pomfret on March 11th, 2012
There are numerous explanations why someone may transfer from a group insurance plan to an individual insurance policy. These types of reasons might include work loss or even retirement. Another cause could be obtaining your own group plan is more costly because of an unhealthy group. Whatever your reason is, there are ways to generate the change out of group policy to individual policy a little simpler.
Work Loss
This is probably the main reason men and women will switch from a company run group insurance policy to an individual health plan. Loss of employment entails lack of group health coverage, that just declines a horrifying experience. This is made much more terrifying if a pre-existing condition is present for any person on the group policy.
In the event you lose your work, the best thing to accomplish is always to take advantage of the COBRA insurance law. What this particular law declares, is that, for a particular time period, you?ll be able to preserve health insurance under the same group plan you had along with your prior job. While the company you labored for used to cover some of the premium cost, you?ll be in charge of paying of the whole premium along with COBRA.
Choosing to maintain your overall group policy beneath the COBRA insurance umbrella allows you more time to analyze and get ready for purchasing an individual medical health insurance plan. Registering for continued insurance policy under COBRA is essential for your family?s well-being within this demanding period. When the rest seems to be failing, health insurance is one thing you will not need to bother about for some time.
Retirement
Unlike the loss of work, retirement is a thing which can be planned. Believe it or otherwise, many individuals will spend more hours planning their retirement party than planning their health insurance situation right after retirement. Usually at this point, COBRA goes into effect, but with just a little prior preparing, the newly-retired individual could be spending a smaller amount having an individual health insurance plan.
Taking less than 2 months to educate yourself before retirement may be among the best investments you create for your retirement. Through carrying out the research in advance on different insurance plans as well as rates, it can save you yourself time and money, and also totally appreciate that retirement an individual worked so difficult for.
Unhealthy Group versus Healthy Individuals
Group charges are generally based on the average health of all of the workers covered in a certain program. For example, if there is diabetes, high blood pressure, as well as obesity in your office, your rates will likely be quite a bit higher than an office which is usually healthy. Some people who are healthful in an unhealthy office, could find it cheaper to switch to an individual health insurance program. This way, they are only spending money on the premiums as well as deductible they are utilizing.
Regardless of what the reason being for switching from a group plan to an individual health plan, take the time to analyze your alternatives. Inquire a lot of questions and produce an educated decision that makes the most sense for you and your family.
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