Why Group Insurance Might not be the Best Option

Group health insurance is that which is obtained by an employer and provided to the employees. In most cases, companies will offer health, vision, and dental insurance at a variety of rates and premiums. Additionally, they’ll put forth a percentage towards the premiums for the employees, which takes a portion of the financial burden off of them so that they could receive the medical care and medication they need. Good group health care plans in collaboration with employers assisting with costs is beneficial for both parties: the employee receives reliable health insurance which could help reduce the likeliness of needed time off and the employer doesn’t need to be as concerned with a loss of production.

According to Glassdoor.com, a career based website, nearly 80% of employees would much rather have a good health insurance plan than a pay raise. Makes sense, right? Between high premiums, hefty co-pays, and wanting your family to be protected is a lot more valuable than a few extra dollars on your check. However, not all companies are able to put forth the cost to provide their employees with quality health insurance. And, more often than not, the insurance that is offered isn’t always the best. What happens, then, if you’re an employee who needs quality health care for you and your family but your group health care plan isn’t cutting it?

Group health insurance plans are limited in many aspects and some people may feel more comfortable with purchasing an individual healthcare plan due to some of the overarching benefits. If you’re worried that your employer’s group health insurance plan isn’t going to support you in the ways that you need, maybe it’s time to opt for an individual plan instead.

More Reliable

The most standout trait that individual health insurance has over group health insurance is that individual health insurance continually provides insurance. This being said, if you were to lose your job or happen to move jobs, you’d still be protected as long as your independent provider covers the area you’re living in in the event of a relocation. Because of the ever changing job market and the unfortunate lack of job security, it’s a real threat to lose coverage. And, if you have a family and young children, then you’re well aware of the threats on their health that can arise if health insurance isn’t present.

More Flexibility

Normally, when a company offers health insurance, there isn’t a huge variety of options. While this definitely varies from company to company and between providers, employees can be faced with the challenge of having to choose between a group of health care plans that aren’t all that great. Again, if you have a family or you have a pre-existing condition that requires frequent hospital visits and prescription refills, then choosing a health care plan that either doesn’t cover an adequate amount or requires a substantial co-pay, then you may feel stuck between a rock and a hard place if your company’s insurance isn’t very diverse.=

Individual health insurance plans are normally more flexible and can be tailored to your needs. Fortunately, under the Affordable Care Act, insurance companies are required to provide insurance regardless of any pre-existing conditions the individual may carry. This being said, if you need insurance that is tailored to your specific needs, it may be more beneficial to go the individual health care route, as the plans are normally more flexible than group plans are. Additionally, in terms of flexibility, purchasing an individual plan could allow you to continue seeing the healthcare providers that you’ve been seeing for years. Group insurance plans, while still might offer this type of flexibility, are oftentimes more stringent about who you could see and where you could see them, unless you’re willing to pay extra.
Group healthcare plans and individual healthcare plans vary on a variety of forefronts and can offer a slew of benefits and downsides dependent on the person. It’s important to consult an insurance agent about what plan would work better for you and your family. Ameri Quote Insurance and Financial Services is here to help you with any healthcare decision that arises. Please give us a call, today!