When it's about group insurance, always look into the costs. This is because if a sickness is not going to kill you, then it should be health insurance costs. If you're losing more money than gaining assistance for your illness, then you're wasting your time. The thing is that, if you think you can handle the doctor's fees yourself, then there's no need for a group benefits plan.
Examine the Coverage
Insurance is not about low premiums alone. It’s also about coverage. If you got a group benefits plan, then you really need to look at what coverage it offers you. Always compare this coverage with the premiums that you have to pay. One option is always to go for a low-premium, high-deductible plan. However, it depends on your employer and the insurance company if they allow you options like this.
Check the Doctors in Your Network
It’s always an inconvenience if you have a healthcare professional who’s not a part of your group benefit plan’s network. In that case, check out the choices of physicians in your network. This now then complicates things if you think your personal doctor is better even though he’s outside the network. Thus, check out the line-up of doctors in your insurer’s network.
Determine the Risks Involved
Your insurance provider will have to make adjustments on your premiums, depending on your job's level of risk. The problem is that the premiums may not exactly reflect the risks of your job exactly. Thus, you could be overpaying, or you may be underpaying. Also, there could be problems among levels of risk, cost of premiums, and the wages or salary that you are receiving in your job. Thus, you should think long and hard about this aspect.
Ask About Add-on Benefits
No group benefits plans are the same. Always check out what you could bring as an add-on like vision and dental plans. These increase your premiums with extra coverage but ask yourself if they're worth it. Also, ask about bundling your group health benefits with another insurance policy to have lower premiums.
The group benefits plan is a good offer for employees. However, it could not be perfect for everyone. Thus, if your boss offers you this insurance type, always check if it suits your needs perfectly as well as your salary. After all, it’s you who would be paying the premiums and enjoying the benefits in the long run.
At Independent Executive Insurance Brokers, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (805) 624-4815. You can also request a free quote by CLICKING HERE.