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.
This brings us to pre existing medical conditions. If you opt for the group policy they must accept you no matter your medical conditions. With an individual policy you go through an underwriting process which could ultimately end up with a decision to decline you if you have a declinable health condition. They also look at your weight as a means of accepting.
Would you like to choose a plan that meets your needs exact? Group restricts you to accept what they offer. Individual insurance allows you the freedom to secure what meets your needs. That way you only pay for what you need or desire.
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.
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.
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.
This brings us to pre existing medical conditions. If you opt for the group policy they must accept you no matter your medical conditions. With an individual policy you go through an underwriting process which could ultimately end up with a decision to decline you if you have a declinable health condition. They also look at your weight as a means of accepting.
Would you like to choose a plan that meets your needs exact? Group restricts you to accept what they offer. Individual insurance allows you the freedom to secure what meets your needs. That way you only pay for what you need or desire.
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.
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.
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.
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