by Guest » Tue Jan 20, 2009 11:23 am
My health insurance is through my employer but I'm seriously considering canceling health insurance since their rates are way to high. Can i cancel my health insurance anytime I need? or, there isn't anyway out of it? :(
Posted: Tue Nov 29, 2011 02:21 am Post Subject:
"Group insurance is less expensive because the insurance company underwrites ONE GROUP -- which could include 1,000 individuals -- instead of underwriting 1,000 individuals.
"
MaxHerr is right, administrative costs are much cheaper for large groups - like employers and universities - than for the individual - that's why most insurance is employer sponsored in the U.S.
There is only one problem with this. Group insurance is usually more expensive than individual coverage.
It doesn't matter that the insurance company is just underwriting ONE GROUP. This is a group of unhealthy and healthy people. The healthy people are subsidizing the unhealthy people and the young people are subsidizing the older people.
When a healthy 27 year old gets individual coverage, they are in a pool with other healthy 27 year old adults. This is cheaper for them than the cost of group coverage.
Posted: Sat Dec 24, 2011 05:07 pm Post Subject:
That will be a weird situation if a person is excluded from the plan, the extra burden will be on remaining beneficial.
Posted: Sat Dec 24, 2011 05:07 pm Post Subject:
That will be a weird situation if a person is excluded from the plan, the extra burden will be on remaining beneficial.
Posted: Wed Dec 28, 2011 03:40 pm Post Subject:
There is only one problem with this. Group insurance is usually more expensive than individual coverage.
This statement is generally incorrect when benefits are compared on an apples to apples basis. If a particular group policy's coverage is more expensive it is because the group policy provides more benefits not available in individual plans.
Posted: Sat Apr 21, 2012 02:32 pm Post Subject: Health insurance
The company I work for is canceling our health insurance because come renewal the group policy is going to go up 40%. The owner of the company asked each of us to get our own individual policy's and he would pay a portion of the policy. I live in Virginia is this legal?
Posted: Sat Apr 21, 2012 02:37 pm Post Subject: Health insurance
The company I work for is canceling our health insurance because come renewal the group policy is going to go up 40%. The owner of the company asked each of us to get our own individual policy's and he would pay a portion of the policy. I live in Virginia is this legal?
Posted: Sat Apr 21, 2012 04:55 pm Post Subject:
Nothing currently compels an employer to provide health insurance to his employee . . . at least not yet. Nothing prevents an employer from paying part of your premium, but it will be counted as income to you, because the employer is not paying for a group benefit. If he does, he can only deduct it as part of the cost of doing business, not as insurance premiums. It will increase the amount he has to pay for each employee's payroll tax.
Posted: Thu May 17, 2012 03:56 pm Post Subject: HEALTH INSURANCE
i'M A STAY AT HOME DAD WITH THE KIDS AND SELF-EMPLOYED. MY WIFE canceled MY INSURANE WITH ANY KID OF NOTICE. iS THIS LEGAL?
Posted: Fri May 25, 2012 08:25 am Post Subject: Group health insurance plan
Group insurance plans offer cheaper rates. Not only that, they also cover the preexisting medical conditions of the employees. In case of an individual policy, you might need to search extensively for the insurer offering coverage for pre-existing conditions.
However, one cannot customize the insurance policy according to his or her requirements when under a group plan. The deductible amount and coverage limits are fixed, which is definitely a limitation for the group insurance plans. Look at both sides of the coin, before you end up using it.
Posted: Fri May 25, 2012 11:33 am Post Subject: health insurance
BILLY
If your wife had been the policyholder, she can cancel the policy anytime she wants. Whether she informs you or not, is totally up to her.
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