Health Insurance Information
Health Insurance Information
It is easy these days to find good health insurance information, with the Internet with its accessibility. The search has become much easier than previous years when only a few health insurance companies had moved to the web. What’s great about the insurance information on the Internet is the ease at which it can be found and viewed in the comfort of your home or office.
Many are looking for health insurance information because of the need to switch companies or due to a change of employment status. It seems no matter which company you go with, eventually the premium ends up going too high, and then the search is on for new coverage.
Health Insurance Information – Premiums
There are many factors involved that have caused the high premium increases seen in the last few years. To name a few, the cost of building and maintaining health-care facilities has risen with the cost of everything else.
The general population as a whole is taking more prescription drugs than in the past and the cost of those drugs is climbing higher and higher. The federal government and state governments are continually mandating new and updated benefits.
The health insurance companies have to add these benefits and the premiums go higher to pay for them. Lawsuits have increased considerably year over year and the insurance premiums to cover the cost of those lawsuits have skyrocketed for physicians and the facilities they work out of. When employees of firms that provide health insurance benefits use those benefits in a frivolous manner, like going to the emergency room for a cold, the cost to insurance companies is disproportionate to the care. This only raises the cost for everyone.
Many feel that the insurance companies themselves are making too much money and taking advantage of policyholders and employers. Most health insurance companies are actually working with a less than 4% profit margin. Competition is high and all costs are continually climbing. If you are someone coming off of an employer sponsored health plan you may be in for a rude awakening. Your employer most likely didn’t give you any idea about how much they where paying on your behalf for health insurance coverage.
The premiums for the average family on a group plan is about $1100.00 per month. The cost of group coverage is greater than individual plans because preexisting conditions are covered. The money has to come from somewhere to pay the extra expenses incurred for those preexisting conditions. Individual plans usually don’t cover the preexisting health conditions and the benefits are not as generous, so the premiums reflect the difference. Usually a savings of 25 – 50%. Although the premiums are lower, they are still more than you paid on group and many preexisting conditions are not covered.
Health Insurance and The Healthcare System
Perhaps this was not the information you were hoping for. Many would say the health care system in America is broken, but what are the alternatives? The Canadian system doesn’t work as claimed. If it did then Canadians wouldn’t be coming over the border to seek health-care in America. If we had the European style of health care we would have unbelievable tax rates that would crush the economy, just take a look at the European economy for evidence of that. It seems the only choice we have is to purchase the best health insurance we can afford and stay healthy.