If you are self employed, or are with coverage, you face a big financial decision. Do you gamble right now in good health, and hope you stay healthy? Do you lose saving money now wagering on seeing too many family health members whose health has seriously eroded? The choice is yours, presenting some scenarios is mine.
Numerous people are thrilled to save $150.00 a year on home insurance. Others rake in an extra $300 by finding a auto insurer matching their demographics. But the king of insurance savings is the $1,200 or more families can save on buying group health insurance. Millions more people each year qualify for group benefits on a plan covering 10 or more members. If you have 1 to 9 members, you have another great choice.
Almost every city has a Chamber of Commerce office to benefit the business community and residents. Meeting member qualifications for joining often includes the option of participating in that Chamber's group health insurance plan. Group Insurance coverage when compared to similar benefit individual health plans is often at least 10% as less costly. If a group plan saved you $100 a month, that would amount to a full $1,200 after one year.00 annually.
Initially on individual major medical coverage you are very closely evaluated for your present and past health.The results could reflect in higher than anticipated costs. Any major health condition now or in the past will creep out to haunt you. For individual health insurance, you may receive a counteroffer to play 50% to 100% more for the health insurance. Additionally any claims on your health coverage for pre-existing and current health issues will usually not be eligible during the first 180 days. Paying a couple grand out of your own pocket is certainly neither a uncommon or pleasant emergency expense.
Enrolling in the Chamber Of Commerce plan is the route to go if you have current major health problems or pre-existing health conditions. The Chamber plan MUST accept you. Many group plans pick up claims on current and past conditions in 90 days or even less. All this, and even unhealthy members pay the exact same cost as every other Chamber member.
Now look at the negative side of the group coverage. If the Chamber of Commerce is a member of the community for decades, this could mean bad news for you. Established Chambers of Commerce have established, long term business people. As the average age of total members increase, automatically so do the rising health conditions needing medical assistance. Claims are constantly paid out, forcing rates to rise. To calculate the new group insurance rates, the insurance company evaluates the total claims paid and not much in premiums that group paid. Your rates could zoom upward suddenly and you may be trapped. Certainly, if now you are one of the unhealthy.
Good health members, often opt for individual coverage when rates soar. This causes the insured pool to shrink further down to mainly medically prone members.. For those whose health has declined, they have no way out.. After your health declines, individual health insurance is no longer a viable option. Getting caught in the rate trap is a horror from which you can not escape. Whenever the nightmare begins, there is one positive note, just be thankful that the government is not managing your important health future.
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