Why Group Health Insurance is a Better Option
You have many choices when it comes to health insurance. This article will focus on the benefits of getting group health insurance.
If you get group health insurance, then the group health premiums will be subsidized by your employer. It is 50% on the premium that is paid by your employer. Company employees pay a premium that is less than what you pay for individual health insurance. Sometimes putting your dependents on your employers plan is not advisable. You can make your own dependents get their own individual health plans.
Group health premiums are the same for large families or small ones. In the individual market, every family member pays a separate premium. For a big family, you get a better deal by adding every member to your employers plan. Before making changes to your insurance plans, make sure to seek the advice of an insurance advisor.
In a group health insurance, you will not be turned down if you have a pre-existing health condition. While having a pre-existing medical condition will not enable you to get an individual health plan, you or your family members can benefit from a group health plan. Although it benefits those with pre-existing conditions, there is a price to pay. If you get an individual health plan, you will pay a lesser premium that the group health premiums.
You get covered for maternity in group health plans. If you want to have more children, you should consider going with a group plan. Although you can add riders to your individual health plan, they are very expensive, restrictive and gives less value than what is provided in a group health plan. Families that want to have more children should go to an insurance advisor to know what is best for their family. Because of the uniqueness of each family, the advice will not be the same.
Economies of scale benefit employees of large companies. You can share the risk more with a larger group. Your premiums will then get lesser than what you pay for individual health plans. The tendency is for large companies with good benefits to retain their employees for longer periods of time. There will then be an increase in premium when the average age of the group goes up. Those with great medical needs are attracted to group plans because here they are guaranteed good coverage. When the average age increases in time, employees with large health costs are getting attracted to it. Premiums are driven higher in this situation.
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