We all know that dreaded point in the year when it’s time to start figuring which health insurance plan you want. There are so many different options to choose so it’s best practice to get familiar before Open Enrollment season. This period for picking up individual insurance ends Dec. 15, 2020, but group health insurance can be acquired year-round. Unfortunately for farmers with bales of hay for sale, this process isn’t as easy as selling those hay bales. Insurance selection can be even more difficult when trying to get a decent plan figured out without having to pay an obscene amount of money to be insured. Below is information healthcare plans and group insurance that farmers may find valuable.
Many farmers lack health insurance or have trouble obtaining good insurance. About one in three farmers must rely on private insurance because they have no access to lower-cost group insurance. This leads to farmers having no choice but to pay higher premiums due to their insurance plan. Usually this means much higher deductibles and higher healthcare costs for those who fall ill. Because of this, many farmers will avoid care as much as possible to avoid these higher deductibles and falling into health care debt. This debt can carry on for decades and force a financial burden on farmers selling hay bales as well as their family.
This is why group insurance is so beneficial and would be a huge financial relief to farmers as their families. Group policies tend to be much more affordable than going through an individual market. It covers a whole group of people under one plan, making it much more affordable than just trying to insure yourself privately. Some of the benefits of having a group policy are:
- It spreads risk across a pool of insured individuals
- Tends to keep premiums low
- Insurers can manage risk better
- Lower insurance plan prices
- Better insurance plans offered
- More coverage for pre-existing conditions
Health insurance can be very complicated, but it doesn’t have to be! Farmers should not have just one costly option for insurance. Costs for private health care coverage are constantly going up and always changing, making it a very large financial burden on many farmers.
Now that open enrollment has arrived, it is important to take a look at your options and what would be suitable for you and your business. Some farmers are offered group insurance depending on the farm they are working for and how many employees work there — but many are not given this choice on group insurance. This is the dilemma that many farmers face and why they have to find better insurance options elsewhere. No matter the situation, it is important for farmers to be offered better insurance solutions for them and their families.