Understanding the Differences Between Individual and Group Health Insurance:

Selecting the right insurance plan for yourself and your family takes a little bit more understanding than the average consumer has. In order to make the correct insurance selection for your family you will need to first understand the differences between individual and group health insurance.

Group health insurance is insurance that is offered through most employers and one that covers most citizens. while an individual plan is one that a person purchases directly through an insurance company. Most of the benefits lie in having a group health insurance policy very simply because it offers many benefits over an individual policy. Many of the benefits that people take for granted are included as part of the group packages such as maternity coverage and substance abuse treatment are very simply not included as a part of an individual policy and therefore must be purchased separately along with your individual plan. A large number of individuals are unaware of these limits that are imposed on individual health insurance policies and some don’t find out about these loopholes in their policy until they need them and then to purchase them will leave you with additional wait times that you may not have available to you. These types of extra coverage are known as optional riders and are things that you should consider at the onset of purchasing your individual policy to make sure that you are getting all of the additional coverage you will need down the road.

Another benefit of group health insurance is the price. When part of a group plan you are no longer an individual therefore you get a greater discount very simply because you are part of a risk pool. This is especially helpful to those who are ill because they then decrease the risk to the insurance company because they are pooled with healthier individuals and this allows them to receive a better overall rate.

Individual health insurance plans on the other hand are a lot more costly to the individual and the risk of the insured is weighed completely on their own history. If their history is not good then they may have to pay a lot more for their health insurance benefits or may even be denied and there are usually higher costs when services are rendered as well. Group health insurance is usually a better option for most people when it is offered.

For more information call us today at 888-438-2683 or click on the Apply Now! button at the top of the page for free evaluation.