Health Insurance Blog

The rising cost of health insurance has prompted many employers to either drop health coverage as part of their compensation package or to pass most of the cost related to health insurance premiums on to their employees. The result has been a steady increase in the number of workers who do not have or choose not to have medical insurance.

Currently, there are just under 50 million working Americans who do not have medical insurance. Industry studies have shown that, for these individuals, either insurance was not offered or the premium passed onto the employee made health insurance too expensive to retain.

According to the Census Bureau, the number of uninsured Americans continues to grow, and that growth extends well beyond the poverty level into middle class America.

A possible solution for individuals looking to purchase medical insurance may be on the horizon.

Roughly, 7% of Americans with medical insurance are insured privately. That number is expected to grow, as is evident by an increasing number of large medical insurance companies that are positioning themselves to meet the expected need for individual insurance.

To help individuals afford private health coverage, the White House has been promoting tax credits to help offset the cost of medial coverage.

Additionally, more health insurance companies are investigating the possibility of adopting lower cost plans that have higher deductibles coupled with tax deferred medical savings plans.

While this may lower the cost of offering group medical insurance as part of their overall compensation program for employees, the purchase of these policies must still be blanket in nature and benefit the diverse needs of various employees. For the individual seeking medical coverage, this could prove to be an expensive option as the designated plans are also geared toward employees with families.

For many of us, choosing a medical plan is like trying to buy a relative a birthday present. We know that we want to purchase a present, but deciding what kind of gift to get based on what we know about our relative and the budget we have to shop with can be a challenge.

People seeking individual health insurance should consider enlisting the aid of a professional insurance agent. Professional insurance agents are familiar with the health insurance companies and the latest insurance policies that are available from these insurance providers at a variety of budget levels.

When discussing an insurance policy with a qualified agent, they will carefully consider your needs, including:

Budget: A medical insurance policy comes with an annual premium, which will probably be broken down into monthly payments that you must make to retain your health insurance coverage.
Term: Depending on your needs, you may choose to buy short term or long term medical insurance.
General Health: Your general health should be a consideration when discussing medical insurance options. People who are of good health and rarely ever use their insurance will need a different type, and less expensive, policy than those who need frequent medical attention.
Co-payment: Those who are less likely to use their insurance except for emergencies may opt for policies with higher co-pays, which can reduce premium amounts.