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Group Health Insurance VS. Individual Health Insurance

 
Group health insurance is insurance provided to a group of people. It is a health plan or medical plan mostly given to employees of a company, by their employers. Oftentimes, a group health insurance is a key component of benefits packages that are provided to employees and at times includes employees family members. The cost of the health coverage premium of a Group health insurance plan is often advantageous to employees because oftentimes, half of the entire cost is already paid by the employers. There are different types of group health plans that can be offered by different types of employers. These plans are regulated by different set of rules that also vary from state to state. To find out about the requirements in your state, contact the experts for group health insurance and ask them about your concerns. By nature, group health insurance in itself offers uniform benefits to its members. It covers its members equally regardless of factors like employees personal medical conditions. The risk factor for group health insurance is spread amongst its members that usually, the cost of premiums is lesser compared to that of individual health insurance. You can enjoy a lower rate in premiums as part of the group.

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Individual Health Insurance is a kind of insurance coverage option for the self-employed. It usually is the kind of health plan to turn to if your employer does not offer health insurance as part of the company benefit. Individual health insurance covers one person and also his/her family. With this kind of plan you may even have more options available for yourself than the ones included in a group health insurance package. Individual health insurance is highly customizable to meet your needs but may also turn out to be more expensive in terms of premium payments compared to group health insurance. This is because the risk factor for Individual Health Insurance is concentrated on one person only. Aside from it being more expensive, It is also more difficult to get an individual health insurance coverage compared to group health insurance coverage. This is because policies for individual health insurance are also individually underwritten. This means, your complete medical history will closely be scrutinized by the insurance companies. They may refuse you especially when you have a pre-existing medical condition or they may set a "rider" on your policy. Riders are modifications made to a certificate of Insurance that deals with the clauses and provisions of a certain policy. Health insurance companies are there to profit from the premiums that you pay for the coverage they are able to give you. They will naturally agree to insure you because they believe that you will be able to pay more into the company than they will pay out for your claims later on. This is the reason why they need to make sure that you do not have any pre-existing conditions that they may find too risky for them to bet on. Because of this, most individuals turn to group health insurance so that they can qualify even if they have pre-existing medical conditions.

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The qualifying age for Medicare health coverage for most Americans is 65 years of age. The Initial Enrollment Period for Medicare actually starts three months before you turn 65, so you can start applying for and setting up your coverage when you're 64 and nine months.

(It is being talked that, as part of various "reform" plans, the eligibility criteria may rise to the age of 67 or 68 in coming years-but it's likely that any such increase will be phased in so that anyone who's already eligible can stay in the system.)

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Long-Term Care(LTC) or Long-Term Health Insurance is a type of insurance that covers the cost of health-care that is beyond a predetermined period. Unlike ordinary health insurance, Long-term health insurance covers all types of long-term care needs. Its coverage include home care, assisted living, Alzheimers facilities, adult day-care, and more.

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