One fundamental aspect of having Florida individual health insurance is that the policy owner is exactly that – the owner of the policy. Did you know that many people have insurance their whole lives, but never actually own their own plan? Sometimes, this means nothing, but in other cases it can lead to disaster. It’s important to know the implications of not owning your own health insurance so that there are no surprises in the future and you suddenly find yourself without coverage.
Picture the following: John is 30 years old, in perfect health, with a wife and child. John works for the next 25 years for various companies that have provided him with group health insurance benefits his entire adult life. John has always added his spouse and child on to the policy without ever really thinking that there could ever be any kind of drawback. Fast forward to when John is 55 years old, and through no fault of his own he is let go from his company. He has, since age 30 been fairly healthy, but back when he was 50 he came down with prostate cancer, which he fought through and is doing fine now. However, now that John is unemployed, he suddenly finds himself uninsured and uninsurable due to pre-existing condition. He cannot qualify for individual health insurance because he had guaranteed-issue group insurance his entire life, but now that he’s out on his own, he cannot qualify for an affordable individual health insurance plan.
When someone is on a group health insurance plan, they are not the actual owners of the plan. They are given a certificate of coverage and are allowed to use the plan, but they do not have control over it. They might only have 1 or 2 choices between plans. The plan could get changed by the company at a moment’s notice, downsized, or cut completely off in some cases. Companies that are legally required to offer health insurance benefits will sometimes choose the poorest plan to cut costs but satisfy the legal requirement. For someone who was enthusiastic about a new position, this can sometimes put a huge damper on their new job.
When a family is on an individual health insurance plan, they have total control over their benefits. They are the owners of the plan and therefore have the freedom to choose whatever deductible and coverage options that they want without fear that it might all get changed around next year because a company decided it wanted to cut costs on health insurance benefits. For some, an individual health insurance plan can be a tax deduction, depending on the situation. For people who are self-employed health insurance can be a big tax break at the end of the year (This should not be taken as tax advice. Talk to your CPA for details).
Employees who are in a situation where a company offers benefits, pay close attention to what you’re about to read. Sometimes, even if the employer pays a portion of the health insurance costs, group insurance is sometimes so much more expensive than an individual health insurance plan, the employee can save money by actually waiving coverage from the group plan and purchasing their own health insurance plan. For those who have an employer who does not pay ANY portion of the health insurance premium, it is definitely a good idea to get a free individual health insurance quote. You may be amazed at how different the rates are between individual and group health insurance.
If it makes financial sense, or even if it’s only a few dollars difference per month, for residents of Florida individual health insurance is the best way to ensure that your insurance benefits controlled and owned by you, and not the workplace. We have been in this business long enough to hear the horror stories. The cancer survivor who was laid off of his job and can never qualify for individual health insurance ever again. The office manager who was in between jobs and had a car accident in the 90-day gap between her insurance coverage. these things happen. We all think it will never happen to us, but the reality is it can, and it does. Do yourself a favor and get free Florida individual health insurance quote today and see where you really stand.