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Make Smart Choice by Buying Independent Health Insurance

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 Make Smart Choice by Buying Independent Health Insurance
Make Smart Choice by Buying Independent Health Insurance

Make Smart Choice by Buying Independent Health Insurance

It's a common sad fact that every year health insurance costs are touching double-digits, making it tough for employers to offer cover, without facing much burnt of expenses. To get out of this predicament, employers in recent past have some new strategies so they can provide health insurance benefit to employees.

What Businesses do to Save Money on Health Insurance

Below are listed some common tactics businesses use to curtail health insurance expenses:

  • By increasing employees share in cost of health insurance plan
  • Outsourcing to areas where providing health insurance to full time employees in companies isn't mandatory.
  • Increasing number of part time/freelancers in the company
  • Using temporary agencies to supplement staff
  • Making cuts in benefit packages such as lowering amount of overall cover and options offered to insured.

How Health Insurance Expenses Affects Employees

At annual reviews and salary negotiations, one thing that can limit the amount of compensation offered by employers to their employees, is the rising cost of health insurance. It makes businesses use "3, 4, 5" rule i.e. in recent years, good performance is being awarded with 3 percent increase in salary etc. However, this isn't because of greed on companies part as costs of health insurance is rising almost every day and even employers are finding it tough to keep up.

Self-Employed Health Insurance

As numbers of self-employed individuals are increasing rapidly, independent health insurance is almost becoming a necessity. Apparently, number of self-employed Americans is reaching record levels and economists are of the view that most businesses are cutting staff, so they don't have to maintain the cost associated with maintaining the health benefits for full-time employees. But the price of self-employment can be steep and cost of securing health insurance can also increase.

Cost

It's a general rule that cost of most products or services decreases when purchased in bulk. Just like this, when an employer gets a new health insurance plan for employees, s/he'll get a rate based upon a total number of employees e.g. 100. And all 100 employees will be paying into the plan unless some sudden tragedy befell, not all 100 will be using the benefits at the same time or to the same extent. In this case odds of insurance provider making profits are quite high as compared to scenario where only one person will be insured. Also, by insuring one person, risk factor also goes up as one major illness or accident can make the plan unprofitable. That's the reason why premium of independent insurance plans are higher as compared to plan offered by an employer to employees.

About Cooperative Health Insurance Plans

But there's no need to worry as there are low cost plans available for independent people, who want insurance. These plans are called co-operative health insurance plans, in which hundreds/thousands of independents, participate, making it a "group health insurance plan." only difference is it's not offered by an employer.

Co-operative plans comes with lower premium as insurance company are insuring many people and are collecting more revenue and are also lowering risk of catastrophic claims. It's a win-win situation for self-employed people (as they get plan on lower cost) and insurance companies as they don't have to worry about losses.

If you are self-employed, searching for a right cover for yourself, then consult and in independent health insurance agent (as opposed to one working for a specific insurance company) as that person could suggest best resource for finding the best rates.

Make Smart Choice by Buying Independent Health Insurance


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