The Wall St. Journal looks at individuals buying their own health insurance policies and determines that your best bet is to compare prices and policies with several agents. Of course, we’ve been saying that for years, but it’s always good to see this great advice being published elsewhere. The article contains other great advice about purchasing your own health insurance, including reading all of the fine print, and looking at the details beyond the base premium.
Archive for June, 2009
Wall Street Journal on Buying Your Own Health Insurance: Compare with Several Agents
Wednesday, June 24th, 2009Term Life Insurance Rates Increase
Tuesday, June 9th, 2009Insurers are reporting that they have increased term life rates by 5-15% since the beginning of 2009, ending a several year trend of reducing premiums. A tighter credit market, combined with lower returns on their own investments have caused life insurance companies to increase premiums for the first time in ages.
This may actually be good news for life agents in the long term, as consumers who had previously been shopping for lower rates every few years now stay with the policy that have now.
In the short term, though, agents should be prepared for consumers to be a bit price shocked when they receive their quotes.
Consumers should continue to get quotes from multiplelife insurance agents – the best way to ensure you’re getting the lowest life insurance rates possible.
Group Health Insurers Divided on Government’s Coverage Proposals
Wednesday, June 3rd, 2009The NY Times examines new proposals for providers of small business health insurance. With the likely coming overhaul in health insurance, one change that health insurers have already agreed to is to eliminate pricing based on pre-existing conditions, and to ensure coverage for all, even for those with pre-existing conditions.
Insurance carriers are sharply split, though, about extending such regulations to small businesses.
However, with 40% of the workforce employed by a small business if the government wants to ensure universal (or near universal) health insurance coverage they will likely need to amend regulations around group health insurance.
In general, small businesses would support a change that would force more federal oversight into group health insurance plans. Even some insurers (including Aetna and Cigna) support this measure, saying they want consistency across products.
Other insurers, though, are balking at the move saying that states already provide sufficient regulation over group health plans.
Small business owners would be well served to compare group health plans before signing up to ensure they’re getting the best premiums.
High Deductible Health Care Plans May Be Making People Sicker
Monday, June 1st, 2009The New York Times looks at the health risks involved with choosing a high-deductible health care plan. The article examines a recent finding that half of people on a high deductible health care plan chose to forgo medical care to save on out-of-pocket expenses. These high-deductible plans can be effective for people who have built up a cushion should they have health troubles down the road. But these types of plans appeal to a lower income population looking for lower insurance premiums. Unfortunately, with those lower premiums come higher deductibles and many in this income bracket cannot cover the deductibles (which can reach $5,000 a year). The end result? Short-term savings, but long-term health problems.
Click here to compare rates on health insurance policies — be sure to ask the agents who contact you about the tradeoffs between high and low deductible plans.
