Why Group Health Insurance is a Better Option
When it comes to health insurance, there are many options. This article will focus on the benefits of getting group health insurance.
Group health premiums are subsidized by the employers in group health insurance. It is 50% on the premium that is paid by your employer. You pay less premium if you are an employee of a company in group health insurance than buying health insurance for yourself individually But it may not be advisable to put 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. In the individual market, every family member pays a separate premium. 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.
You can be included in a group health insurance even 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. Individual health premiums in most states, are less expensive than group health premiums.
You get covered for maternity in group health plans. 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. It is advisable to families who want to have more children to seek for advice on what is best for their families. Because of the uniqueness of each family, the advice will not be the same.
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. The tendency is for large companies with good benefits to retain their employees for longer periods of time. When the average age of the group increases, then the premiums will also increase. 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. This drives the premiums higher.
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