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Eric Wilson
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Eric Wilson   My Press Releases

Buying Health Insurance on the Individual Market

Published on 10/5/2018
For additional information  Click Here

As a society, we have been spoiled by an era of group health, low deductibles, and co-pays.  The First thing that we need to remember when we have a group health plan, our company is paying for a portion of it, usually at least half of the employee’s plan.  This gives us the perception that it costs us less than it really does.

I say this because if you think about it, group health plans are more coverage than you really need.  How many times have you been hospitalized in the last ten years?   People are always looking for the best value.  On group health plans, you often have a lower deductible than on the individual side of things.  Again the company is paying part of the premium so you are “sharing the expense” so you can have more benefits in the plan.  The higher the deductible, the lower the premium you will have.  I was reading an article today online that was reported by CNN that 26% of Americans went without insurance during 2011.  Of that 69 % were without health insurance for a year or more due to being unemployed and the cost of an individual was too expensive.

Here is the first problem with that statement.  We have become dependent on or companies to insure us.  I do not know why that is the case.  Our companies do not ensure our homes or our personal automobiles, why do we depend on them for our health insurance.  Have you ever stayed with a job that you hated because they had great health insurance benefits?  You probably have.  This is what I refer to as job-lock.  You are locked into your job for benefits.  If you purchase your health insurance on the individual market, you are never locked into your job.

Now think back about 15 years (those of you who were old enough to own a home 15 years ago).  Your homeowner’s insurance deductible was probably no higher than $250 maybe $100.  How many of you now have less than $500?  Most of my clients now carry $1000 or more in their home.  Is it reasonable to think that health insurance deductible would be on the rise as well?  Now let’s think about this for a minute.  Your homeowner’s insurance does not cover maintenance in your home, and your auto insurance does not cover maintenance on your auto, I bet you still get your oil changed every 3000 miles or so though.  Now let’s examine this a little closer.  We will use $30 for an oil change as the example (I paid $44.95 last week).  I will also say the average person drives 15,000 miles per year.  Obviously, some travel more and some travel less.  With those numbers that would equate to having 5 oil changes done per year at $30 each or $150 per year.  We never complain that our auto insurance does not cover it, we just pay it.  Yet, an annual physical for our bodies is around $250 (again depending on what you have done and where you have it done).  I can afford that, I do not need my insurance to pay that. Sure it would be nice, but I would rather save on the monthly premium than have that covered.  Under the new health care law (currently under review by the US SUPREME COURT), one of the things that are mandatory is that preventative care is covered at 100%.  The proponents of the law say you get free preventative care, they do not tell you that there is an added premium for that.  I use the analogy if there was a law that said you could no longer buy a plain cheese pizza. You had to buy a one topping minimum. You would still have to pay for the one topping.

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