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insbuyer.com |
What kind of health insurance should I get?
Like so many things when it comes to insurance, that
depends. If your employer (or spouse's employer) offers a group plan
that insures all of its employees, you can probably save a lot of
money by taking part in it. If you don't have access to a group
plan-or if the choices available through the group plan don't fit
your needs-you will have to buy an individual policy that will
probably cost a lot more. Group plans are not only cheaper, but many
also let you choose from a range of services. You don't have to pay
for coverage you don't want. Under a group plan, you're automatically
eligible for coverage and cannot be dropped or charged more if you
get sick. However, depending on the plan, the coverage may only
reimburse you for a fraction of your actual medical bills. You may be
limited as to which doctors you are allowed to visit, and your
employer can raise your share of the premiums or even drop the plan
anytime it wants. If you buy an individual plan, regulators in some
states monitor price increases and might even have to approve them
before they are passed to you. Many individual policies also allow
you to visit any doctor or other specialist you like. However, the
plans are generally much more expensive than group plans, the insurer
itself has greater latitude to cancel your coverage, and some have
relatively low maximum payout levels that could mean you'll run out
of coverage if you're involved in a major accident or suffer a
prolonged illness.
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