CATTLE RAISERS COMMUNITY
TSCRA NEWS
Medical Insurance: Group or Individual?
Michele Woodham, Cattle Raisers Insurance executive director
I
You may be pleasantly surprised by the options a group policy offers, and the attainable requirements to be a ‘group.’
F YOU FIND YOURSELF IN THE POSITION OF HAVING TO PURCHASE medical insurance, there are a few options you might
consider. You can purchase a medical health insur- ance policy as an individual, or you can explore your medical plan options for your ranch or business and purchase a group insurance policy.
What are the differences? Individual health insurance is a type of health
policy that an individual purchases for himself and/ or his family. The individual plan offerings today, due to Health
Care Reform, have become very limited. Medical doctor networks and access to facilities are becoming more restricted and the price of health care for individuals continues to rise. Most individuals have been and will continue to
experience substantial premium increases each year. Individual medical plans are becoming scarcer and
the enrollment opportunities are limited during the calendar year. If you are the owner of a business, such as a ranch,
then there is another option you can consider. With the proper documentation and if you meet the very attainable requirements for a group, then you may be a candidate for group medical plan offerings. Group health insurance is a type of health policy
that is purchased by a business owner and is offered to employees. Group plans can be purchased through- out the year. Group medical plans require at least 2 or more W-2
employees. The plan must be offered to all full-time employees working 30 hours per week or more. If your business consists of a husband and wife,
legal limited partnership documents refl ecting both the name of the husband and the wife are required. Group health insurance plans have more selections
in deductible options, doctor networks and plan designs. The group medical plan options allow a business or ranch owner to customize the medical plan to meet the needs of their family and employees. Generally speaking, the expenses an employer in-
curs related to health insurance (for employees) are tax deductible as ordinary business expenses. Busi- ness owners are required to pay at least 50 percent of the employee-only premium, offer medical benefi ts to all employees working 30 hours per week or more and are required to comply with group health care regulations. Whether you qualify for a group medical plan or
an individual medical plan, health coverage ensures the costs for medical services will be manageable. Health insurance is a risk management tool, protecting your fi nances should debt arise from a major illness or injury. The need for medical services often comes unexpectedly and the costs often exceed what most can afford to pay. Medical insurance is worth the investment to manage
the overall risk. Your Cattle Raisers Insurance team is here to answer questions you may have about a group insurance policy, or your individual options. Call us at 800-252-2849.
36 The Cattleman August 2016
thecattlemanmagazine.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124