The pros and cons of Group versus Individual health insurance are easy if you know a few basic things. Below you will find those answers, equipping you with the knowledge to decide which the best option for you is. There are a few things to consider when compiling your list of pros and cons.
The main reason consumers think about going to individual health insurance through a private health insurance company versus their employer group policy is because of the increasing cost of group premiums. Many times your employer pays a portion or your entire premium, but pays nothing for your dependents.
An individual insurance is based solely on you and your family instead of a group. What this means is that they look very closely at your health condition. If anyone in the family has a health condition it affects the outcome. Rates could increase, condition may not be covered or the insurance company could decline coverage for that individual.
There are times Group Insurance can end up cheaper and your only option. If you have a medical condition that is causing the individual carrier to significantly increase your rate or refuse coverage Group is the way to go. Group Insurance can not decline you coverage based on your medical condition.
If it is freedom you like, than an individual plan is probably a good choice. They have many plans, many benefits and many customizable additions. You just pick and choose, find what suits your needs and get what you pay for. No more, no less.
When an employer offers group insurance, they pick the carrier, the plan and the benefits. In addition they only allow changes or additions to your policy once a year. You have no freedom to choose. They can change the carrier or plan anytime they wish and you may be forced to find a new provider.
Employer group policies usually just cover medical. Vision and dental may be offered from your employer, but usually as a separate cost, separate plan and different carrier. With individual health insurance many of the carriers offer bundling. Which means you can have medical, dental and vision in one plan and one rate.
You have much thinking to do now. You have to decide what is important. You now have to tools to make a good decision. Don't sell yourself short or be locked out of a good thing. Your needs should be tops when making this decision.
The main reason consumers think about going to individual health insurance through a private health insurance company versus their employer group policy is because of the increasing cost of group premiums. Many times your employer pays a portion or your entire premium, but pays nothing for your dependents.
An individual insurance is based solely on you and your family instead of a group. What this means is that they look very closely at your health condition. If anyone in the family has a health condition it affects the outcome. Rates could increase, condition may not be covered or the insurance company could decline coverage for that individual.
There are times Group Insurance can end up cheaper and your only option. If you have a medical condition that is causing the individual carrier to significantly increase your rate or refuse coverage Group is the way to go. Group Insurance can not decline you coverage based on your medical condition.
If it is freedom you like, than an individual plan is probably a good choice. They have many plans, many benefits and many customizable additions. You just pick and choose, find what suits your needs and get what you pay for. No more, no less.
When an employer offers group insurance, they pick the carrier, the plan and the benefits. In addition they only allow changes or additions to your policy once a year. You have no freedom to choose. They can change the carrier or plan anytime they wish and you may be forced to find a new provider.
Employer group policies usually just cover medical. Vision and dental may be offered from your employer, but usually as a separate cost, separate plan and different carrier. With individual health insurance many of the carriers offer bundling. Which means you can have medical, dental and vision in one plan and one rate.
You have much thinking to do now. You have to decide what is important. You now have to tools to make a good decision. Don't sell yourself short or be locked out of a good thing. Your needs should be tops when making this decision.
About the Author:
Agent Jeff Cline wants to help you with your individual health insuarance needs. We also offer Individual Health Insurance depending on your needs. We also specialize in Family Health Insurance. Contact us if you have any questions, we are eager to assist you with your needs. We are here 365 days a year. Our toll free number is 866-526-9669.
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