Why Get Group Health Insruance
When it comes to health insurance, there are many options. 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. 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.
Basically large families will have the same group health premiums than small families. In the individual market, every family member pays a separate premium. You get a better deal if you have a big family by adding them to your employers plan. But it is best to consult with an insurance advisor before making any move.
Even if you have a pre-existing health condition, you will not be turned down in a group health insurance. 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 high price to pay even though it gives benefits to those with pre-existing conditions. In most states, individual health premiums are less expensive than group health premiums.
You get covered for maternity in group health plans. If you want to have more children, you should consider going with a group plan. Maternity riders can be added to individual plans but they are quite expensive, restrictive and less value is provided than the coverage you get 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. Each family is unique and will be given their own advice.
Employees of large companies 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. In time, the average age increases, but is also attracting employees with large health costs. This drives the premiums higher.
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