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The Benefits of Group Health Insurance

You have many choices when it comes to health insurance. This article will focus on the benefits of getting group health insurance.

If you get group health insurance, then the group health premiums will be subsidized by your employer. Half of the premiums of the employee should be contributed by the employer. So, if you are an employee of a company, then you can get a health plan that is richer for a premium that is less than what you would have to pay if you buy individual health insurance. But it may not be advisable to put your dependents on your employers plan. It is better to get individual health plans for your dependents.

Large families or small ones have the same group health premiums. In the individual market, every family member pays a separate premium. You get a better deal if you have a big family by adding them to your employers plan. But it is best to consult with an insurance advisor before making any move.

Even if you have a pre-existing health condition, you will not be turned down in a group health insurance. While having a pre-existing medical condition will not enable you to get an individual health plan, you or your family members can benefit from a group health plan. Although it benefits those with pre-existing conditions, there is a price to pay. In most states, individual health premiums are less expensive than group health premiums.

Most group plans cover maternity. A group health plan is best for those who want to have more children. Although you can add riders to your individual health plan, they are very expensive, restrictive and gives less value than what is provided in a group health plan. If you plan to have more children, make sure to contact a health insurance advisor to ask what is best for your family. There is a different answer for each family.

Economies of scale benefit employees of large companies. The larger the group the larger the risk pool to share the risk. Then you can have lower premiums than individual health plans. But large companies with good benefits tend to retain employees for long periods of time. There will then be an increase in premium when the average age of the group goes up. Those with great medical needs are attracted to group plans because here they are guaranteed good coverage. In time, the average age increases, but is also attracting employees with large health costs. Premiums are driven higher in this situation.

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