The Benefits of Group Health Insurance
Every person has many choices when it comes to getting health insurance. This article will focus on the benefits of getting group health insurance.
In group health insurance, it is the employers that subsidizes the group health premiums. 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. But it may not be advisable to put your dependents on your employers plan. You can make your own dependents get their own individual health plans.
Group health premiums are the same for large families or small ones. If you get health insurance individually, then each one has to pay a separate premium. IF you have a big family, adding them to your employers plan gives you a better deal. But it is best to consult with an insurance advisor before making any move.
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. There is a price to pay even though it benefits those with pre-existing conditions. 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. Each family is unique and will be given their own advice.
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. In time, the average age increases, but is also attracting employees with large health costs. This makes the premiums increase.