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.
Individual rates can be more affordable, but that rate is based on many factors that may make Group coverage the best option. If you have a medical condition or you are overweight your premium will reflect that in an individual insurance plan. Costing you more.
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.
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.
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 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.
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.
Individual rates can be more affordable, but that rate is based on many factors that may make Group coverage the best option. If you have a medical condition or you are overweight your premium will reflect that in an individual insurance plan. Costing you more.
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.
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.
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 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:
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 help you with your needs. We are here 365 days a year. Our toll free number is 866-526-9669.
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