Every person has many choices when it comes to getting health insurance. In this article we will be looking at the benefits of group health insurance.
If you get group health insurance, then the group health premiums will be subsidized by your employer. Half of the premiums of the employee should be contributed by the employer. Company employees pay a premium that is less than what you pay for individual health insurance. It may not be beneficial to put all 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. 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. 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. Having a pre-existing health condition can disqualify you from an individual health plan but you can surely benefit from a group health insurance. 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.
Maternity is covered in most group 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. There is a different answer for each family.
Employees of large companies can benefit from economies of scale. IF you have a large group, then you can share the risk among yourselves. Your premiums will then get lesser than what you pay for individual health plans. Employees will usually be retained by employers of large companies with good benefits for longer periods of time. Soon, the average age of the group will go up and this will also make premiums 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. Premiums are driven higher in this situation.
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