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.
On a group policy it is often difficult to afford coverage for dependents, because the employer does not pay a portion. Even your rates can be expensive if you employer does not share much of the cost for you or the plan they offer is very expensive. With the rising cost of health insurance these are trends we are seeing.
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.
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.
How would you like to be told what benefits you will have, which providers you can see and how much your going to pay. With group insurance this is what you get. You do not get the freedom to decide these factors. You can not even add a dependent unless it is the right time of the year.
Individual allows for some innovative customization. You have the flexibility to add many benefits to one of the basic plans. You could add things such as dental, vision, maternity and even life insurance.
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. - 15224
On a group policy it is often difficult to afford coverage for dependents, because the employer does not pay a portion. Even your rates can be expensive if you employer does not share much of the cost for you or the plan they offer is very expensive. With the rising cost of health insurance these are trends we are seeing.
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.
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.
How would you like to be told what benefits you will have, which providers you can see and how much your going to pay. With group insurance this is what you get. You do not get the freedom to decide these factors. You can not even add a dependent unless it is the right time of the year.
Individual allows for some innovative customization. You have the flexibility to add many benefits to one of the basic plans. You could add things such as dental, vision, maternity and even life insurance.
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. - 15224
About the Author:
Broker 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. Call us if you have any questions, we are eager to help you with your needs. We are here 365 days a year. Our toll free number is 866.526.9669.
