Group health insurance vs. Individual health insurance
While a group health insurance is designed by an employer keeping the best interests of the employees in mind and hence changes cannot be made easily as it affects the entire group, individual health insurance is easier to customize. What is good for the entire group may not always be good for you. In such situations, individual health insurance seems like a better option. But the high cost of insurance makes it a lesser preferred option. Since fewer people opt for individual health insurance plans, few companies offer this insurance.
Group health insurance plans on the other hand help cut rate since they are way cheaper than individual health insurance. With group health care insurance you can expect to get relatively comprehensive coverage too. While group health insurance covers important factors like car accidents, kitchen accidents, burns, hospital costs and the like and in some cases cost of prescription drugs too.
Besides the above mentioned differences there are few other areas in which an individual health insurance differs from a group health insurance. They are:
- Pre-conditions: If you have 'pre-existing conditions' it will be difficult for you to get an individual health insurance because your application will be declined. A lot of insurance companies check your health records going back even about 10 years. Applications may be declined if there are major health issues like diabetes, heart disease, cancer etc.
- Cost: In an individual health insurance the insurance company reserves the right to choose whom they are going to provide coverage to. But in case of group insurance any individual who applies for coverage is entitled to it, no matter what his/her medical history is. This makes the group health insurance more expensive than an individual health plan.
- Obtaining quotes: Group health insurance quotes are obtained after a long process. There are census forms to be filled complete with employee information, administrative process to be followed before you receive the final quote. Individual health insurance quotes can be quickly and easily obtained online.
Total Comments: 18
Posted: Mon Jan 26, 2009 12:14 pm Post Subject:
Obtaining an individual policy through an agent could be a good option under circumstances that you don't possess any coverage through your employer.
Such a coverage may or may not be expensive than the one provided to you through an employer. Even if it is expensive remember that your health is your real wealth and spending for it is actually securing your own future.
Posted: Tue Jan 27, 2009 09:19 am Post Subject:
Such a coverage may or may not be expensive than the one provided to you through an employer.
But we must admit that we all have several options to choose from when we're opting for an individual plan. In comparison, if we're opting for a group insurance plan provided by our employer, over there we do not have so much to choose from. It is a real good experience when we go out shopping for our individual health coverage.
Posted: Wed Jan 28, 2009 05:31 am Post Subject:
First step - give your doctor's office a call. Ask them what plans they accept.
Even a great policy on paper is worthless if your doctor does not take it.
Second step - Find a local health insurance broker to help you. Every company out there has varying benefits, prices, and coverage areas depending on your zip code so it would be totally unfair to recommend
an one company or policy. A local broker should know these things like the back of their hand, be able to compare benefits, price, and coverage from several different companies so you find the best fit for what you are looking for.
Posted: Wed Jan 28, 2009 01:04 pm Post Subject:
Hi, I'm not so lucky..I don't have any health insurance coverage through my employer..any individual policies that you guys would suggest?
I have no idea of what part of the world you call home, but normally there are many different types of health insurance coverage like major medical, indemnity plans, or limited benefit plans (sometimes called mini-meds).
The best health insurance plan for you is the one you can afford. If you can't work the insurance premiun into your budget, you probably shouldn't buy that one.
Some people can't pay $300 a month for health insurance, buy maybe can pay $100-$150.
Find a health plan you can afford that will provide at least some insurance benefit in the event of a major illness.
Posted: Sat Jan 31, 2009 03:31 am Post Subject:
Start getting some quotes from your local agent. Make sure you get a health plan that will cover your health care needs and one that you can afford.
Posted: Sat Jan 30, 2010 10:35 pm Post Subject:
The Smart Sense PPO is a good individual plan if you are healthy and do not visit the doctor much.
Posted: Mon Feb 01, 2010 08:16 am Post Subject:
Thanx for sharing!!!!
Health insurance tx
Posted: Thu Feb 04, 2010 05:31 am Post Subject: Individual health plan
You can choose your individual policy among PPO, HMO, indemnity plans and health saving account. Before buying any policy you need to do some research on the coverage provided and the policy rules and guidelines.
Posted: Wed Feb 10, 2010 08:22 pm Post Subject:
Whoever wrote that big article at the top of the page sure does need to check their facts...
Posted: Mon Feb 15, 2010 01:12 am Post Subject:
"If you have 'pre-existing conditions' it will be difficult for you to get an individual health insurance because your application will be declined"
Simply not true in most states. Yes...some conditions are declineable but the vast majority are not.
And yes...I just made up the word "declineable."