Friday, July 15, 2011

Can someone just tell me what they pay for health insurance for a family of four?

We live in Illinois. I asked yesterday but I am not really getting any answers. PLEASE just let me know what you pay.
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If "they" refers to your employer, you can find out by asking the HR/Benefits person what percentage the company pays for your group health plan. Sometimes, they will pay a higher percentage on the full time employee, and either not pay at all or pay part of the employee's family members so you need to be specific on your questions. I believe by law the company has to, at least pay 50% of your premiums or higher. This explains why when people leave the company and apply for COBRA, it's a big shock to see the total premium, because the company is no longer helping them pay for it. Any more though, it is good to check for individual health insurance quotes, because it could be less to get coverage independently. Why? It depends on your co-workers. Consider that the unhealthy tend to cling on to their group health coverage because it's near impossible to get individual coverage and everyone deserves to have health insurance. It's the sad truth about the health insurance industry. If you have fairly healthy co-workers, alot of non-smokers, lean, no overweight, younger people workign with you, you can assume that your group rates will be good. But if you look around and determine that your co-workers are more on the unhealthy side, and you are perfectly healthy, you may be paying more to make up the risk that the health insurance company has to cover. So, the unhealthy is dragging down the group and causing higher premiums. In this case, you might want to explore individual coverage, because you will be determine based on your own health merit, versus the group's. Keep in mind, group coveage versus individual coverage is different. Also, health insurance is so complex anymore, there are deductibles, copays, coinsurance, maximums, varying prescription drug coverage and deductibles, out of pocket limits, etc, comprehensive versus high deductible plans which are health savings account compatible...on and on. Seek a financial advisor to help sort through your needs, your budget, and find out how to use the coverage. www.allmoneymatters.info
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