What are some of the most common misconceptions about health insurance?

A common misconception is that you are stuck with your health insurance for an entire year – Many people believe that if they have health insurance through their job, they are stuck with all of their choices for an entire year and can only make changes to their insurance during open enrollment.  While some options may only be available to change during open enrollment, overall, this statement is just not true. You do have options. You can change at any point during the year, one being your spouse’s and dependents’ coverage. Keep your mind open to new possibilities that may save you money for the rest of the year.

Most people with insurance think that getting insurance through their jobs is the only cost effective way to go– This may not be true for most people, unless you use your health insurance for chronic or terminal health issues. Those caring for chronic conditions may find that work or group insurance is the best way to go. However, for most healthy people and their families, you might be better off with private, individual coverage and you may want to talk to your insurance broker to see what your options are.  This is because group plans usually have rated up premiums associated with their plans in order to cover the higher medical costs of employees who have to use their insurance more to treat chronic conditions and/or maternity procedures. Why should you pay the high cost of other people’s health?

You may be surprised to learn that traditional health insurance companies can and will decline any medical costs for injuries received while on the job. That’s because they’re anticipating you to utilize worker’s compensation claims and applications. However, if worker’s compensation doesn’t cover all or any of the medical costs you incurred through an on-the-job injury, that doesn’t mean your insurance will, as their policy is unrelated to whether or not you receive other assistance. The advantage to private health insurance is that it is unrelated to your work and will cover you wherever you receive an injury or illness. This also applies to entrepreneurs who travel from appointment to appointment or client to client on the road.

Fredrick Insurance Brokers is a team of independent insurance agents. We make the best recommendation for each individual instead of offering one size fits all plan. Our service is based on your circumstances and we can mix and match the exact health coverage you need to put together the perfect plan for you and your family that will be the most cost-effective for your purposes. If you would like to have a conversation about your situation, click here