Figuring Out

Why Get Group Health Insruance

You have many choices when it comes to health insurance. In this article we will be looking at the benefits of group health insurance.

If you get group health insurance, then the group health premiums will be subsidized by your employer. Half of the premiums of the employee should be contributed by the employer. You pay less premium if you are an employee of a company in group health insurance than buying health insurance for yourself individually Sometimes putting your dependents on your employers plan is not advisable. It is better to get individual health plans for your dependents.

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. But it is best to consult with an insurance advisor before making any move.

In a group health insurance, you will not be turned down if you have a pre-existing health condition. Having a pre-existing health condition can disqualify you from an individual health plan but you can surely benefit from a group health insurance. There is a high price to pay even though it gives benefits to those with pre-existing conditions. Individual health premiums in most states, are less expensive than group health premiums.

Most group plans cover maternity. A group health plan is best for those who want to have more children. It is possible to have an individual health plan and add maternity riders but this can be quite expensive and restrictive and the value you get is not the same as the coverage given in a group health plan. If you plan to have more children, make sure to contact a health insurance advisor to ask what is best for your family. Because of the uniqueness of each family, the advice will not be the same.

Employees of large companies can benefit from economies of scale. IF you have a large group, then you can share the risk among yourselves. 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. Soon, the average age of the group will go up and this will also make premiums increase. Those with great medical needs are attracted to group plans because here they are guaranteed good coverage. In time, the average age increases, but is also attracting employees with large health costs. This drives the premiums higher.

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