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.
Group health premiums are subsidized by the employers in group health insurance. Employers have to contribute half of the premiums of the employee. You pay less premium if you are an employee of a company in group health insurance than buying health insurance for yourself individually But it may not be advisable to put your dependents on your employers plan. It is better to get individual health plans for your dependents.
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. For a big family, you get a better deal by adding every member to your employers plan. 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. Although it benefits those with pre-existing conditions, there is a price to pay. If you get an individual health plan, you will pay a lesser premium that the group health premiums.
Most group plans cover maternity. 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. 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.
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. Then you can have lower premiums than 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. There is good coverage for people with great medical needs in a group plan and so many people are attracted to it. When the average age increases in time, employees with large health costs are getting attracted to it. This drives the premiums higher.