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.
Group health premiums are subsidized by the employers in group health insurance. Employers have to contribute half of the premiums of the employee. So, if you are an employee of a company, then you can get a health plan that is richer for a premium that is less than what you would have to pay if you buy individual health insurance. It may not be beneficial to put all your dependents on your employers plan. Your dependent should then get their own individual health plans.
Basically large families will have the same group health premiums than small families. A separate premium is paid by every member of the family if they get individual health plans. You get a better deal if you have a big family by adding them 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. So, if you or a family member has medical conditions that prevents you from having an individual health plan, you can benefit from the 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. 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. It is advisable to families who want to have more children to seek for advice on what is best for their families. There is a different answer for each family.
IF you work for a large company then you can benefit from economies of scale. The larger the group the larger the risk pool to share the risk. Your premiums will then get lesser than what you pay for individual health plans. But large companies with good benefits tend to retain employees for long periods of time. When the average age of the group increases, then the premiums will also increase. There is good coverage for people with great medical needs in a group plan and so many people are attracted to it. The group health plan attracts people wit high health costs as the average age increases in time. This makes the premiums increase.
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