Individual Vs Group Health Insurance Plan

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    Maintaining good health is one of the most important assets for any individual and buying health insurance is the right step in that direction. Health Insurance not only covers your or your family’s medical and surgical expenses but it also gives you a piece of mind and sense of security. Though the awareness about the importance of having health insurance has increased a lot throughout years, many people still don’t know how to chose a plan that fits them best.

    Before buying health insurance plan, the first question that has to be considered is whether you need an individual or a group plan. So to ease the process of choosing between those two options, we decided to introduce you to both of the plans in details including their differences.

    Individual Health Insurance Plans

    An Individual health insurance plans are designed to provide coverage for only one person regardless whether you buy it for yourself, your partner, parent or someone else. Although they have relatively higher premium than group plans, they also provide more comprehensive coverage for more personal and specific situations. In addition to that, they are typically more flexible, allow to have more control over the deductibles and limits as well as portable, meaning that they not tied to your job.

    Group Health Insurance Plans

    On the other hand, group health insurance plans are purchased for a group of members. In fact, they are commonly purchased by employers for their employees, but other social groups can also purchase them. These plans are more preferable especially because they are cheaper than individual plans while even though they provide better conditions. Also, it is easier to get coverage for pre-existing condition, and sometimes include extra support by the offering company. However, unlike individual plans, group plans are less specific and less focused on the individual needs as well as being controlled by the plan owner and not you if you’re an employer.

    Find out more about health insurance here.

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