If your employer offers health insurance to you, then it is group health insurance. There are some real advantages to group health insurance, but it may not be the best choice for everyone.
Anyone who is a member of the group must be allowed to have the same health coverage as all other members of the group. If your plan has an open enrollment period, you can join or add family members. Even if you or a family member has had cancer or is a diabetic, you can join the group health policy, although there may be limits to coverage for pre-existing conditions for the first year.
Once you reach age forty to forty-five, you will find that cost for group insurance is less that you would pay for an individual plan. In this age bracket, you will find that insurance costs about the same for individual policies as for group health insurance. As you age, individual policies get more expensive.
You will also find that individual policies have some disadvantages also.
With many plans, you do not have the chance to customize your coverage. It the plan administrator chooses to go with a new plan, you are stuck with the new plan, whether it is beneficial to you are not. In this time of budget cuts, many individuals are finding that their employers are going with cheaper insurance and the employee is paying more from his own pocket.
A second disadvantage for group health insurance is that if you are young, you are probably paying more for group health insurance than you would pay for an individual plan. With a group plan, everyone pays the same price regardless of age, so group health coverage could cost you as much as two hundred dollars over the cost of an individual plan each month.
Many people that are enrolled in a group policy have an employer that is paying part of the expense. Insurance is one of the most sought after benefits for working persons.
Learn more about Health Insurance. Stop by Dan Panera’s site where you can find out all about getting the best insurance quote!
categories: health insurance, affordable health insurance, health insurance costs
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