Health Insurance

Pearson Wallace Insurance is proud to partner with carriers like Blue Cross/Blue Shield, Tufts, and Harvard Pilgrim, each offers a variety of plans to consider. Read on to learn more about the health plan products we present for your consideration. 

Group Health Insurance

As the name implies, this is an insurance plan for groups such as businesses and associations. At Pearson Wallace, our agents have the knowledge to offer your best plan options for businesses large and small.  Employers typically pay half the monthly premium (or perhaps a lesser or greater amount) with the remainder being deducted from the workers’ wages. A high-quality group plan is a great benefit to help attract and retain a talented workforce. Insurance companies have recognized the need for a high-quality plan due to the pandemic and adjusted accordingly.

Individual Health Insurance

Individual coverage is health insurance you buy on your own from a broker, rather than through an employer or association. Although employee plans are offered at work, some people find that an individual plan is more reasonable for financial reasons. For younger or unmarried workers, a “skinny plan” is all they require because their health is ostensibly better than that of older workers. A skinny plan (also called Minimal Essential Coverage - MEC) costs less and has higher deductibles but will provide coverage in the event of a catastrophic accident or injury. In that case, the high deductible is much less than the cost for trauma services.

Those who are self-employed or who own a small business are most likely to choose an individual plan. Another purchaser of this type of plan might be a worker whose employer either offers no insurance, or doesn’t pay a substantive portion of the premium. 

Pros and Cons

Group plans often include dental and vision coverage; that added cost may not make sense for someone who wants only medical coverage, such as those seeking a skinny plan. Conversely, for someone who needs or wants additional services, a group plan may be desirable.

Short term insurance

Short term health insurance is a plan for anyone that needs medical coverage between health plans or is outside enrollment periods.  This health plan is used for as little time as one month and for up to one year.

Short term plans are perfect for recent immigrants, new college graduates, people with guest work visas, and international students. Persons between jobs might opt for this type of health plan if it’s less costly than the former employer’s COBRA plan.

The main drawback of short term plans is that they may not be “high quality” and provide coverage for preexisting conditions, mental health, or maternity care.

Long term insurance

Long term care insurance covers many of the costs of future long-term health care, such as in a nursing home or for extended home care after Medicare stops paying. Care in these facilities averages more than $400 per day in the US. While significantly cheaper than a facility, home health care can cost up to $4000 monthly. Costs vary by state.