Stress Free Finance

In a healthcare system that relies on ‘ fee for service’, it is critical that families have access to affordable health insurance. Even a simple doctor’s visit can easily become a huge financial burden considering the rising costs of these services. Part of this cost is to cover for the portion that insurance companies ”’write off” while reimbursing doctors and clinics. There is therefore, an incentive, for the doctors to inflate the fees. People with limited means who do not have affordable group health insurance are the ones who get most affected in such a system.

The costs of group medical insurance are based on probabilities. An insurance company apprehends that a certain fraction of each population will be ill and they will need medical services in a given month. The objective of the company is to collect enough fees so that they can cover these cost, their running cost as well as they can post a profit .Your health costs are partially covered when the need arises on part of your contribution to this pool.

Every insurance company has a different policy on how much they will cover. Some insurance companies might be having a concept of a compulsory deductible which means that you have to pay a part of the expense. Some others may have a requirement of fixed amount for each office visits and some may cover only a percentage of the medical costs.

Obtaining affordable group health insurance is easy if your employer (or your spouse’s) provides this service to its employees. Often, a health insurance company (including Texas group health insurance companies) will contract with a place of employment to provide discounted health insurance to its workers. The company, in turn, may pay a portion of the monthly fees for this health insurance. The employee pays the rest, creating affordable group health insurance. Speak to your human resources representative to see if your place of employment offers this service.

Your children (dependents) can also be covered under this health insurance. Most policies have an open enrollment period in which the employee can add their spouse and children for a slightly higher fee. When a child is born to you or your spouse, you will also have the chance to immediately add him or her to your insurance policy in most places.

If you are self-employed, or not employed full-time, it may be hard to find affordable group health insurance. However, you can often join a group that does offer that benefit. You can start by searching for “individual medical insurance” or “open group health insurance” on the internet.

One can save a great deal of money by obtaining group medical insurance, whether through a place of employment or on an individual basis. By only paying co-pays, deductibles, or a percentage of expensive medical fees, an insured person will most likely pay less money for healthcare than an uninsured.

Group health insurance can be a cost-effective alternative to “fee-for-service” healthcare. Costs for group medical insurance are based on probabilities. If your employer (or your spouse’s) provide Affordable group health insurance, it becomes easy to obtain this service. Health insurance companies (including Texas group health insurance companies) often have contract with employers to provide discounted health insurance to its workers. This health insurance will also cover your children or dependents. To find various options for getting medical insurance, search internet for keywords “individual medical insurance” or “open group health insurance” and you will definitely find a matching group of your choice.

- Michael Chapman