Have you read the previous pages -
It's a Company...,
Your Medical History, and
Prescriptions? If not, go back
now. Those pages will teach you:
- How insurance companies price your insurance policy...It's
A Company...
- How the insurance companies obtain
Your Medical
History
- How to communicate with a prospective insurance company
that helps you
obtain
the best premium price
- How to find quality generic
Prescriptions from legitimate
overseas pharmacies
Only after you've read those pages are you ready to...
CHOOSE THE RIGHT
INSURANCE PLAN
 |
If you are not covered by large group insurance, there are
two insurance options available to you - Small Group
Insurance and Individual Insurance.
Small Group Insurance
The Small Group Insurance option is
available only when two or more persons are employed
with a company that is NOT a sole proprietorship. |
In addition, your company will need to be generating paychecks and reporting employee earnings to your state Workforce
Commission for three consecutive months in order to qualify
for a quote on Small Group Insurance.
Small Group Insurance
Small Group Insurance can work for "mom-n-pop"
companies, where the principals are a husband-and-wife work
team, and with companies consisting of two or more non-related
employees.
ADVANTAGES: The
law requires group health plans to cover any pre-existing
conditions; individual plans can be treated differently.
Therefore, if you own your own business, and you or a family member has a
pre-existing condition which requires frequent expensive
treatment and/or prescriptions not easily accessible from an
overseas pharmacy,
then Small Group Insurance may be a better fit than Individual
Insurance.
Other advantages to Small Group Insurance:
- Easy transition from large group or COBRA to new plan
- The plan is expandable if you are planning to
hire new employees
- Fewer exemptions on medical conditions that are covered
by plan
PRIMARY DISADVANTAGE:
COST.
There is no getting around the fact that these policies
are more expensive, since there is an understanding that
the insurance company will be absorbing the costs of any
"pre-existing conditions".
Individual
Insurance
If you are a sole proprietor, have a two-person husband-wife
business, or are otherwise not covered by either small or large group insurance, AND
you and your family members are generally healthy (or
report your future usage of insurance accordingly), you and your
family should be able to qualify for Individual Insurance.
You do not have to generate paychecks or report earnings to
your state Workforce Commission to qualify. These policies
are meant to cover anyone that both qualifies for the policy, and will
pay the premiums.
PRIMARY ADVANTAGE:
COST. These
policies are almost always the best value in insurance,
offering more coverage dollar-for-dollar than most group
policies.
DISADVANTAGES: Pre-existing
conditions are a big issue when applying for
Individual Insurance. Some pre-existing conditions, if you report them,
(see the page Your Medical History), may disqualify you for
individual health. And if you expense any unreported
conditions through your individual policy, you then run the risk
of having your policy terminated. So proceed with
caution!
Other disadvantages:
- Prompt payment mandatory! You can be dropped from
coverage if you
don't pay your policy on time
- Longer list of medical conditions and procedures NOT
covered by insurance
- Not expandable with your business. Works best for
husband-wife work
teams, sole proprietorships and individuals.
I personally found these sites helpful in locating the right type of
insurance. Please visit:
There are also other helpful
insurance quote sites on the right side bar, as well as quotes
for Alternatives to Health Insurance - Re-Pricing Plans,
Discount Cards & HSA Plans.
Choosing the Best Deductible
In addition to making decisions about
Medical History disclosure and
Prescriptions,
how HIGH or LOW your insurance quote turns out is also dependent
on the Deductible you choose.
CLICK HERE to move on to
Deductibles...
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