Whether you obtain your health insurance through work, through a family member or are self-employed and in charge of finding your own health insurance, there are several myths and misconceptions about health insurance that many people assume to be facts. Your insurance agent should be able to verify that the following statements are indeed untrue, and help you make the best insurance choices for you and your family. Read on to learn more about misconceptions you may have about your health insurance.
Myth #1: 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.
Myth #2: Group and work insurance is cheaper than individual coverage
Most people with insurance think that getting insurance through their job is the only cost-effective way to go, but that may not be true for most people, unless you commonly use your health insurance for chronic or terminal health issues. Those caring for chronic conditions may find that work or group insurance is a cheaper way to go. However, for most healthy people and their families, you might be better off with individual coverage, and you may want to talk to your insurance agent to see what your options are. This is because group insurance policies most likely 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.
Myth #3: Your health insurance covers you 24/7 and on the job
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 your medical costs that 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 an independent insurance plan 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 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 plans. 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 that will be the most cost-effective for your purposes. Call us today to learn about your options.