Buying Health Insurance Plan
There are a lot of important factors that play into what and how much we can get the best deal. But, two different options that we can look at are individual health insurance and group health insurance.
We must apply for health coverage directly with the insurance provider for our individual health insurance. The rate for individual health insurance will be based on our health history. Most people have their insurance provided for them through their employer. But, about five percent of the population obtains medical care coverage through their individual health insurance plans.
Group insurance differs from individual health insurance plans together by company and offers a lower rate. This type of group insurance is offered by employers to qualifying employees as a benefit for working at the company.
Another important difference between individual health insurance and group insurance plans is how we must qualify for either individual or group insurance. If we want to purchase individual health insurance we must first qualify.
This individual health insurance includes participating in a medical examination as well as completing a health questionnaire revealing any health issues that we may already have. The results are evaluated and used as a deciding factor as to whether or not we are insurable.
Group insurance is different in that an insurance company is incapable of refusing insurance when the company group coverage is involved. So, if we have poor health or negative habits such as smoking, the group insurance is the best choice.
The cost of our coverage is also important along with qualifications when considering our choice. With individual health insurance coverage, we are likely to have a higher deductible for amount of money that we must pay in advance per year to the insurance company paying for our health care.
Individual health insurance also has a higher cost-sharing expense. Cost-sharing is a fee we have to pay at the time of service directly to the medical practitioner
. With group coverage, our overall expense will be less than our costs with individual health insurance.Group health insurance rates can be reduced because there are more people and the risk that the insurance company is taking can be spread out over multiple individuals. The employer also pays the largest amount money to the insurance company. This means that employees receiving the benefits are left with only a fraction of the cost.
By discussing above, the benefits of each particular health plans are something that we should consider
. If we are going to be paying for something, it is important that we benefit from it. In a group policy, the employer is the one that makes the decision on what benefits will be offered. Everything that is covered is determined by the employer and will determine the amount of our premium.
Planning of our employer selects could offer us a lot of things that we do not need, but still end up paying for. In the case of individual health insurance we get to select the coverage that we want because we are the only one participating and we know how much we are willing to spend
.At last we should be careful to look over the policies of both types of individual health insurance and group insurance plans before choosing the right one and we should look over the pros and cons of our particular insurance plan before making a final decision.