Common Individual Health Questions
Questions & answers for individuals and small businesses:
- I can’t sustain the cost of health insurance for my employees, but want to make sure they have coverage.
- I am a small business owner – what are the differences between an individual health policy and a group health plan?
- What exclusions are customary in an individual health insurance policy?
- Read the fine print: Discounted individual health plans are not what you expect them to be.
- Is there a cheaper alternative to COBRA?
- Is there anything I can do to lower my health insurance premiums?
- What’s the easiest way to find affordable health insurance in Wisconsin?
I can’t sustain the cost of health insurance for my employees, but want to make sure they have coverage.
You aren’t alone. There are hundreds of small business owners facing the same issue. As a business owner you may have a personal stake in the fiduciary responsibility of caring for your employees and their families. There are options when deciding to not offer health insurance as a benefit. Some employers simply offer the individual health plan information and leave it up to the employee. While others offer benefit dollars to pay for the individual health premiums – which ends up being less costly than a group plan. Those are just 2 examples – and there are a lot of options in between. Contact us to learn more about affordable alternatives to not offering group health insurance for your employees.
I am a small business owner – what are the differences between an individual health policy and a group health plan?
If you have a choice between going with an individual health policy or a group health policy, the group health policy is the way to go. Here are some reasons why:
- Individual policies will rate you up based on your specific health conditions. Group health policies, on the other hand, don’t look at the health of one individual or family member in their pricing.
- There are dozens of limitations within individual health policies. Read the fine print!
- There are dozens of exclusions within individual health policies. Read the fine print!
- There could be waivers attached to your policy which are even more limiting.
- There could be waiting periods associated with certain illnesses – of course unforeseen by you.
What exclusions are customary in an individual health insurance policy?
Exclusions for individual health insurance policies may include: Mental Health, substance abuse and pre-existing conditions (which may require a waiver). At R&R, we read the fine print for you.
Read the fine print: Discounted individual health plans are not what you expect them to be.
We can not stress enough the importance of reading through all of the fine print that comes with your health insurance policy. These are items you do not want to learn about after a catastrophic illness or accident. Some discounted plans offered on the internet aren’t even insurance coverage, but claim to be. So be very careful, and read the fine print. At R&R, we read the fine print for you.
Is there a cheaper alternative to COBRA?
Most likely Yes! COBRA premiums are based on the group health insurance plan paid by your previous employer. COBRA is simply the continuation of the same plan that you had when you were with the employer. If the plan was more robust or had lower deductibles for example, that lends itself to higher monthly premiums. Therefore it is highly possible for you to find a more affordable individual health insurance plan to replace the coverage you had with COBRA continuation. There is also the option of short-term individual health insurance if you are looking to cover a period of time between full-time employment.
Is there anything I can do to lower my health insurance premiums?
Yes! The single most effective way to lower your individual health insurance premium is to increase your deductible. The deductible is the dollar amount of your medical bills you’ll have to pay before your coverage begins. If you don’t think you’ll need more than routine care, choosing a higher deductible means more affordable monthly premiums.
What’s the easiest way to find affordable health insurance in Wisconsin?
Work with a professional agent who will do the shopping for you. Let's get started!
