October 30, 2012
My Company's Health Insurance is Horrible, What Can I Do?
You're gainfully employed in a bad economy, making a good salary and have decent job security. There's one problem, though. One big problem; the IL health insurance plan your employer decided to go with is terrible. The last time you saw a doctor it ended up costing you a small fortune, despite the sizable deductions that show up on your pay stub. If you're like many, you're probably asking yourself where the logic is in contributing to a health insurance plan that provides little-to-nothing for you. You've considered purchasing coverage for yourself, but either don't know where to start or don't want to feel like a traitor to the company.
Let's start by addressing the later of these two concerns. For starters, no one that we know ever got fired for taking a proactive approach to their health insurance. If anything, you'll be saving your company money - especially if they're matching your contribution or paying a percentage of the deductible. You need to keep something in mind; in today's failing economy, scaling down their employees' group health plan is a common way for employers to reduce their overhead. It's not that they want to and it may seem unfair, but compared to the alternative of layoffs and pay reductions, it's ironically the lesser of several potential evils. Unfortunately, the amount which you pay rarely decreases and, in some cases, can even go up.
The good news is that there are a number of viable options when it comes to searching for affordable health insurance in Chicago and throughout Illinois. Look at the amount you're contributing each pay period and ask yourself, "Am I willing to spend a few extra dollars if it means getting a better policy?" The answer to that, of course, will depend on your current income, monthly expenses and other financial obligations. But as many have found out, purchasing your own IL health insurance plan may save you a nice chunk of change over time. Let's say that you're single and pay $26 per week towards your health insurance, but hardly benefit from it. That's $104 per month for coverage that has almost nothing to do with your health care needs.
But what if you were able to pay $35 each week for a respectable Illinois health insurance policy that provided exceptional coverage, affordable copays and cover your prescription medications? If that extra $9 per week provides better coverage while giving you the peace of mind you need, wouldn't you agree that it's worth it? This is just one example, though. Obviously everyone has different needs, incomes, budgets and monthly expenses. But if you can afford it, you just might be doing yourself a huge financial favor by going rogue. It's simple logic, really.
On to the next dilemma; where to begin. Once you've done the math, considered your needs and come to the conclusion that purchasing your own plan makes good sense, all that's left to do is pull the trigger and sign up. And while many enter this phase of the process with fear and pessimism, it can actually be a fast, refreshing and self-validating activity. You have several options here: You can throw a dart and purchase the first plan you come across online. Or, as you'll soon agree, you can work with a broker who lives, eats, sleeps and breathes Illinois health care insurance.
If you reside in the Chicago area, Premier can help you make the most of even the most horrible employer-provided plan. Regardless of your age, income, medical history or employment status, we will work closely with you in order to find the best healthcare plan for your specific needs. If you'd like more information about getting out of a bad employee benefits plan, please e-mail us directly.