If you are wandering what the pros and cons of Employer Group insurance is versus purchasing Individual Health Insurance, we will investigate those in this article. Then you will have the confidence to make a wise choice.
Group premiums where once much cheaper. Not so much anymore. We are seeing those premiums skyrocket and employers sharing less cost. We often discover that we can not afford to cover our dependents because the employer shares no cost.
Sometimes if you have pre existing conditions staying with your group insurance is the best bet. Individual insurance can increase your rates based on the pre existing condition. They could attaché a rider to that condition not covering it at all. They could even refuse you coverage.
Individual insurance bases rates on the individual, where group rates are set based on the entire group. The main difference is once Group insurance is established no one in that group can be excluded no matter their health condition. Therefore if you have a pre existing condition Group may be your best option.
One of the advantages of an Individual policy is the freedom of choice. There are many plans to choose from. You could choose a plan with rich benefits or just the minimum. All you have to do is decide on what benefits you want and find a comparable plan.
In a group policy many of your freedoms are eliminated. You may not have any say in the plan that the employer chooses. You may lose you provider if they are not in the network. And the worst thing is this can happen year after year. And if you need to make changes or additions you must wait until open enrollment once a year.
Bundling is a splendid convenience to individual health insurance. What this means is you can wrap medical, dental and vision up in one little neat package, with one rate. Many carriers provide this option for you. You could even add life insurance if you wish.
Take a little time to think about you budget, needs and expectations and then decide which option best matches you. If you want freedom lean towards individual policies. If having your medical condition covered is a deal breaker lean towards what your employer offers.
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