Individual Health Insurance on Your Children Could Save You Money!
Many parents in North Carolina are paying too much to provide quality health insurance for their children. Because of NC law, most employers pay at least 50% of their employees health insurance premiums. They are NOT required to pay any portion of spouse or dependent coverage. This means that parents pay the full premium amount for their child’s health insurance. More often than not parents can save money and provide a quality health insurance plan for their children by purchasing an individual policy for each child.
Why You Should Consider Individual Health Insurance For Your Child
Individual health insurance policies are underwritten individually. This means that the rate (or premium) is largely based on the health of the individual. Group policies factor in the health of the entire group which means that the healthier individuals are actually helping to pay the premiums of unhealthy members of that group. Furthermore most group plans only offer one rate for dependent coverage which means families with one child are paying the same rate as families with two or more dependents.
Save Money
If you have your child on your employer’s healthcare plan you’re probably paying too much for your child’s health insurance. Your employer’s child rate is based largely on the age and past medical history of the group. Many times we are able to keep your child with the same carrier as your employer’s plan but give you a lower premium.
Protect Your Child’s Future Insurability
When your healthy child is covered by an individual health insurance policy you are guaranteeing their eligibility to qualify for preferred rates. You don’t have to worry about changes with your employer’s plan or your employment situation.