Most people who are not in the health insurance business believe that group health insurance is always or usually cheaper than policies that they can buy on their own. This misconception can mean that you pay more for your coverage than you should.
If your family is reasonably healthy you can probably get medical insurance in Connecticut more cheaply buy buying directly. This is usually true even if your weight isn’t optimal. This is usually true if you take medication for high blood pressure or high cholesterol.
There are two main reasons that most people believe group health insurance is cheaper.
The first reason is that it seems logical. Purchasing in bulk almost always results in lower costs. Purchasing health insurance in bulk does lower costs, but other factors associated with employer-sponsored health insurance raise them. (More on that later).
The second reason that many people believe that group insurance is cheaper is that their employer usually subsidizes the cost. Employers will often pay all or part of the cost for health insurance policies for their employees.
(Companies today are often subsidizing the cost of their employees only. They will often ask their employees to pay the full amount for other family members. For this reason, you may do better by keeping your coverage with the group plan and then buy coverage for your spouse and children through a separate health insurance policy you buy directly from the carrier.)
Many people don’t realize how much health insurance costs until they get their first bill for COBRA. COBRA isn’t subsidized. It represents what the employer pays for coverage plus a small optional surcharge.
Why is Connecticut company-paid health insurance Connecticut more expensive?
It is more expensive because employer-sponsored health insurance has to take on all comers. For this reason if you have a significant health issue, a group plan is likely to be better for you. Otherwise, you may be paying too much for coverage.
You may be able to get coverage by buying from the same company that carries your group plan. The following companies offer both group and individual health insurance policies in Connecticut.
- Anthem Blue Cross Blue Shield
- United Health One
You can get quotes from all of the companies listed above, plus a few others, by requesting instant health insurance quotes online or by calling us at 1-800-INSURANce or 203-374-3645.