Should I put my dependents on my group or individual?

Should you put your dependents on your group or individual coverage?

I get this question everyday.  It isn’t a simple answer most of the time.  Currently as I write this 10/11/12 (cool, look at the date) this is the best answer:

First and foremost … if anyone has medical conditions, speak with an agent for specific advise.

In general:

Children – Children only policies don’t exist in the individual world.  Health insurance companies because of the new health care reform law do not write children only because they should be on your group plan.  Problem is; it is real expensive to add them.  Some companies such as BCBS of Texas have plans that they have created that have an open enrollment that are for children only.  These plans have limitations and need to be reviewed carefully to make sure they meet your needs.  For a low cost alternative, we recommend individual short term medical plans.  The companies currently will insure a child only.

If your child has a medical condition that requires them to see the doctor often or if they need medical attention on a regular basis, the cost comparison may show that group would be a better option if that is the case.  Consult an agent for advise if there are medical conditions involved.

Spouse – If your spouse is in good health, meaning no hospitalizations in the last 5-7 years (besides normal childbirth) and no major medical conditions such as cancer, diabetes, or high blood pressure combined with smoking or other conditions; just to name a few — then individual coverage would be more cost effective.

If your spouse’s health is not so good, then the group coverage will a better option, however not the most cost effective.  They cannot be turned down, and their condition will be covered in most cases if they are coming from creditable coverage.

This is general information, and the laws may change by state.  Consult a local agent or your HR director before making a final decision.  Please understand the laws change, so reference the date of this post as well when making your decision to verify the accuracy, or write to me for an update allbrightbenefits@gmail.com .

I hope this information clears up some of your questions.  As always feel free to call me directly at 940-488-5036.