Individual Health Insurance vs. Group Health Insurance - What's Best?

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Presentation Description

There are a lot of similarities and differences between group and individual health insurance. It's not something you can leave on chance, or rock-paper-scissors. You have to consider and contemplate all the options before choosing the health insurance that suits you. Whether you pick group or individual health insurance, make sure you know advantages and disadvantages of each. There are certain pros and cons to both individual and group insurance and you have to choose among the best.

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Presentation Transcript

Individual Health Insurance vs. Group Health Insurance :

Individual Health Insurance vs. Group Health Insurance

SUMMARY:

SUMMARY There are a lot of similarities and differences between group and individual health insurance. It’s not something you can leave on chance, or rock-paper-scissors. You have to consider and contemplate all the options before choosing the health insurance that suits you. Whether you pick group or individual health insurance , make sure you know advantages and disadvantages of each.

Pros and Cons :

Pros and Cons There are pros and cons to both individual as well as group insurance. Make sure you know these pros and cons before make a final call

Group Insurance :

Group Insurance Group insurance is provided by the employer The organization takes of the entire process insurance and application In some cases the company pays the entire premium many a times it pays half the amount.

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In group insurance, even if you are already suffering from any illness or ailments

Individual Health Insurance :

Individual Health Insurance You can choose from a large number of policies and you have a good choice . The insurer, the plan you want, the premium you want to pay all this you can choose. You completely decide who your insurer is .

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Individual Insurance is permanent and not like group insurance. This is not in case of job. In individual insurance you don’t have to worry what if you leave your job.

Cons:

Cons In group Insurance, if you leave a company, the insurance policy is discontinued. In some cases companies do allow to extend their policies but it is only doe at certain extra costs. As your employer is buying for you, you have no choice over the policy you choose.

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In case of Individual Insurance, the application process is lenghty and tedious. For the request, you have to go through various medical test to determine your pre-existing illnesses. The premium costs are also much higher for this route and you might or might not get approved for that health insurance.

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