Many companies, amidst skyrocketing health insurance costs, are passing the costs onto their employees. Because of this, many employees are faced with the sad fact that they may not be able to afford their group health insurance anymore.
Skyrocketing Premiums for Group Health Insurance
Open enrollment is a great time to review your group health insurance through your company and consider whether it makes sense to keep paying the steep premiums that go along with it. Amazingly, it may benefit you to consider individual health insurance. Many times, individual health insurance can offer individuals lower monthly premiums and various options regarding coverage and deductibles.
If you are one of the millions of Americans who have seen an increase in their group health insurance rates and an overall decline in their coverage, then you’re not alone. This year, in particular, has seen health insurance rates go through the roof for group health insurance, in the form of higher premiums, higher co-pays and higher deductibles.
Is Group Health Insurance Working for you?
You may want to consider the overall coverage of your group health insurance, and then take that information and explore individual health insurance premiums and coverage. Many times, individuals enjoy the freedom and flexibility that individual health insurance coverage offers. In particular, they enjoy the freedom to raise and lower deductibles based on their budget, and raise and lower co-pays and other out-of-pocket expenses based on their needs and their family’s needs.
An important point to remember, however, is that once you choose to drop your group health insurance coverage you won’t be eligible to re-enroll until the next open enrollment period, so make sure that you have made the right decision for both you and your family.
Begin your Search on the Internet
You can begin your search for individual health insurance coverage on the Internet, as many large health insurers, such as Blue Cross/Blue Shield, offer individual health insurance coverage. Many times, you can explore the coverage, premiums and out-of-pocket costs by simply checking out the website.
Remember: your health insurance decisions are up to you, and that may mean that your group health insurance just isn’t working for you anymore!
