When looking for affordable family health insurance rates many people will make mistakes that cost them a lot of money. COBRA is often used inappropriately. People often fail to shop around. People sometimes select companies that have a poor history of paying claims.
Not Seeking a COBRA Insurance Replacement
Many people will take the path of least resistance and take the COBRA plan their company offers them when they leave their jobs. In most situations COBRA is available to an ex-employee for 18 months. Often people will start shopping for insurance when they are in their seventeenth or eighteenth month of eligibility. Often they will find that they could have saved $200 or $300 a month by buying similar coverage in the private market.
When done right, a person who opts for a private health insurance policy for the time in between jobs instead of COBRA will be save money and will often have much better protection. Usually the best offer for health insurance coverage will come from a private insurer that works directly with individuals and families.
COBRA is a group insurance plan. Insurance companies in Connecticut will experience more claims per insured person on group health insurance policies when compared to private health insurance policies. This is because the insurance companies are allowed to deny coverage based on a person’s pre-existing medical conditions when they apply for individual or family policies, but not when they apply for group coverage.
Being healthy today is no guarantee that you will be healthy tomorrow. Often people who are healthy when they leave their jobs are not healthy a year later. These people will sometimes be faced with poor and expensive medical insurance options or no options at all when their COBRA expires. If they had purchased private medical insurance plans earlier, they might have a low cost plan that they could have kept until age 65 when they became eligible for Medicare.
Not Shopping Around for Health Insurance
Failing to shop around may mean that you pay thousands more each year. There is a wide variance in price and quality when it comes to health insurance. A good health insurance broker can help you shop. Instant personal health insurance quotes are available on our site for all Connecticut health insurance carriers approved by the Insurance Department.
Buying from a Low Quality Health Insurance Company
Not all insurance companies are created equal. Companies like Anthem Blue Cross Blue Shield, Connecticare and Aetna have excellent reputations for their claims paying histories. Some companies like don’t. Often we find that a prospective client has gotten Mega Life and Health Insurance quotes and didn’t realize that they weren’t approved by Connecticut’s Insurance Department. I strongly recommend that you check your state’s list of approved carriers before make a decision about purchasing insurance.
The mistakes you make regarding health insurance can be costly. You may lose hundreds of dollars each month when you pay too much in premiums. You may lose tens of thousands of dollars when you don’t have the right protection. We hope that you will consider working with us and allowing us to serve as your broker. We can help you avoid many of the pitfalls that many people face when purchasing health insurance on their own.