Compare & Contrast: Group And Individual Health Insurance!

Many employers offer health insurance to their employees. These employees do not have to put a great deal of thought into their health coverage because the plan options are usually fairly limited, and do not have to do any research. However, if you were to ever lose your job, you would have to quickly learn the health insurance ropes! Your coverage would cease to apply after your termination, and you would be on your own to seek out a new plan. Here are a few key differences between group and individual health care:

  • An individual health insurance policy is bought by one person, and will cover that individual or their family.
  • Group health coverage is made especially for businesses so that their employees can have insurance.
  • Group health insurance plans will cost less than individual plans (at similar levels of coverage) because employers assume the responsibility of paying the premium.
  • Each employee can take advantage of coverage, regardless of any pre-existing illnesses or diseases they may have. If an individual with one of these conditions applied for health care, it would be more difficult to get insured.
  • If you were seeking an individual health plan, you would turn to an insurance agent as opposed to your employer.
  • Individual health care plans will be susceptible to tax credits if the household income is between 100 and 400% of the poverty level. Group health plans are typically only allowed tax credits if the business is small enough.

Would you like to find a more comprehensive individual or group health plan for a great price? If so, waste no time contacting the insurance professionals at Pacific Group, located in California! We have been serving this beautiful state for over 20 years, and are proud of the impeccable customer service that we deliver to each and every client. Call us with your questions, today!