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.
It is no secret that health insurance rates are raising. So it is no surprise employers are not sharing as much cost for our group health insurance. They usually never cover our dependents. Dependent rates can be very high. And if they only cover a small portion of our coverage the rates are still unaffordable at times.
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.
If you are eligible for Group insurance and you have a medical condition then most of the time Group is the favorable option. See where individual insurance can base rates and coverage on you as an individual group can not. They must cover you even if you have a significant health condition.
One of the pro's to going with individual health coverage is the freedom to choose a plan that suits your needs best. Carriers offer a huge array of different plans for you to choose. They have catastrophic plans, plans that allow office visits for a small fee (co pay) and even tax compatible plans called HSA's.
When you go with a group you are locked in. You are obligated to use the plan they offer with no freedom to choose the benefit package. They also have an enrollment period. If you miss it you have to wait a year to sign back up or make changes. Your employer can change the carrier and/or plan every year if they want, which means rates and benefits are subject to change. And it may leave you searching for a new physician every year.
Individual carriers offer bundling of benefits which make it really nice. For example, say you would like medical and dental coverage. You can bundle them as a package and pay one premium. They often offer vision, life and maternity as an add on as well.
You should now be equipped to thumb through your pros and cons of the two options and make a smart decision. Think about what you need and desire. And what you can afford. The you will be able to make a good choice. - 16928
It is no secret that health insurance rates are raising. So it is no surprise employers are not sharing as much cost for our group health insurance. They usually never cover our dependents. Dependent rates can be very high. And if they only cover a small portion of our coverage the rates are still unaffordable at times.
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.
If you are eligible for Group insurance and you have a medical condition then most of the time Group is the favorable option. See where individual insurance can base rates and coverage on you as an individual group can not. They must cover you even if you have a significant health condition.
One of the pro's to going with individual health coverage is the freedom to choose a plan that suits your needs best. Carriers offer a huge array of different plans for you to choose. They have catastrophic plans, plans that allow office visits for a small fee (co pay) and even tax compatible plans called HSA's.
When you go with a group you are locked in. You are obligated to use the plan they offer with no freedom to choose the benefit package. They also have an enrollment period. If you miss it you have to wait a year to sign back up or make changes. Your employer can change the carrier and/or plan every year if they want, which means rates and benefits are subject to change. And it may leave you searching for a new physician every year.
Individual carriers offer bundling of benefits which make it really nice. For example, say you would like medical and dental coverage. You can bundle them as a package and pay one premium. They often offer vision, life and maternity as an add on as well.
You should now be equipped to thumb through your pros and cons of the two options and make a smart decision. Think about what you need and desire. And what you can afford. The you will be able to make a good choice. - 16928
About the Author:
Agent Jeff Cline wants to help you with your individual health insurance needs. We also offer Individual Health Insurance depending on your needs. We also specialize in Family Health Insurance. Call 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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