|
|
Group Health Insurance Pros And Cons
The most common way to qualify for group health insurance is though an employer. While group health insurance offers several benefits, it may not be the best choice for you.
Anyone who is a member of the group must be allowed to have the same health coverage as all other members of the group. If your plan has an open enrollment period, you can join or add family members. Even if you or a family member has had cancer or is a diabetic, you can join the group health policy, although there may be limits to coverage for pre-existing conditions for the first year.
Once you reach age forty to forty-five, you will find that cost for group insurance is less that you would pay for an individual plan. In this age bracket, you will find that insurance costs about the same for individual policies as for group health insurance. As you age, individual policies get more expensive.
You will also find that individual policies have some disadvantages also.
First, you do not get to choose your own coverage. If suddenly the plan administrator chooses to change the insurance plan, you either have to go with the new plan or find your own insurance. This means that you can be in an insurance plan that works very well for your family one year, but the next year you can have insurance that is a very poor choice for your family.
A second disadvantage for group health insurance is that if you are young, you are probably paying more for group health insurance than you would pay for an individual plan. With a group plan, everyone pays the same price regardless of age, so group health coverage could cost you as much as two hundred dollars over the cost of an individual plan each month.
If you employer offers you group health insurance it is possible the company is paying part or all of your insurance. This is often a considerable benefit for working fro a company.
About the Author Learn more about Health Insurance. Stop by Dan Panera's site where you can find out all about getting the best insurance quote!
|
 |
Please Rate: |
|
Rating: |
 Processing ... |
(Average: Not rated) |
| Views: | 6 | |
|
| More Articles from Insurance | | |
| Top Articles in Insurance | | |
|
