Always Take Health Insurance from an Employer?

When it comes to obtaining health insurance coverage for you and your family, the most important rule is to get some. The cost of medical care is growing daily, and those without health care insurance may find the financial strain of paying for medical costs out of pocket can compound an already bad situation. If you do not have any type of insurance and your employer is offering it as a benefit, it is recommended to always take it.

Medical insurance is one of the best benefits an employer can offer their staff. Not only does the employer benefit from tax incentives, they also have a more healthy work force. When an employer offers a health insurance plan as a benefit, employees may receive the coverage completely free or for a reduced rate as the employer has previously negotiated a group plan discount with their insurance provider of choice. More than likely, you should always take the health insurance from an employer, but of course, there are always exceptions to the rule.

When choosing between securing your own insurance or taking health insurance from an employer, there are some factors to be considered before dropping your own coverage. Do you plan on working for your company for an extended period of time, and is your job safe? The reason to ponder these questions is because if you are on your own private health insurance plan and switch to your company plan, it may be difficult to switch back to your original plan. People with preexisting conditions need to be especially wary of switching their insurance too many times, as most insurance companies can reject an application at will.

Additionally, if you already have a private health care plan, you need to do a side-by-side comparison of your existing plan to the one being offered by your employer. Consumers need to compare their out of pocket costs such as deductibles, monthly premiums and co-payments to figure out the financial bottom line. Perhaps your employer is only offering an HMO plan and your favorite doctor would not be covered by their policy. That can also play an important role in choosing between the health insurance provided through your employer and your private health insurance plan.