Why Get Group Health Insruance
When it comes to health insurance, there are many options. This article will focus on the benefits of getting group health insurance.
If you get group health insurance, then the group health premiums will be subsidized by your employer. It is 50% on the premium that is paid by your employer. 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. 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.
Large families or small ones have the same group health premiums. A separate premium is paid by every member of the family if they get individual health plans. IF you have a big family, adding them to your employers plan gives you a better deal. Before making changes to your insurance plans, make sure to seek the advice of an insurance advisor.
Even if you have a pre-existing health condition, you will not be turned down in a group health insurance. 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 price to pay even though it benefits those with pre-existing conditions. Individual health premiums in most states, are less expensive than group health premiums.
Maternity is covered in most group plans. You benefit from a group health plan if you 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. Each family is unique and will be given their own advice.
IF you work for a large company then you can benefit from economies of scale. You can share the risk more with a larger group. 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. 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. The group health plan attracts people wit high health costs as the average age increases in time. Premiums are driven higher in this situation.
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