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Group Health Insurance Plans For Individuals

by Admin on March 31, 2012

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re you looking for good health insurance that requires low premium costs but provides wider coverage? You may want to consider joining a group health insurance plan. You many have heard about this before, but most employers offer group health insurance to their employees. If you are currently employed, a group health insurance may be available to you. However, not all employers offer such perks to their employees, so it is a good idea to check with your employer if they do offer this perk.

Some companies offer group insurance at subsidized costs or they will absorb the entire premium amount as benefit to their regular employees. But what does belonging to a group health insurance entail?
For one, group health insurance offers services at low premium cost. This is because of the large number of contributors in the policy. Also, risks of hospitalization and serious medical conditions are significantly lowered because risks are spread out among the group members. The downside this is that when some participants have received costly health care, the premiums of the other members can increase as a result. However, such increases are still lower in contrast to other individual health care options.

In a group health insurance, adverse selection is not practiced. Adverse selection is the term used in health insurance that refers to the refusal of an insurer to qualify an individual suffering from a pre-existing condition from getting a regular insurance. Due to having chronic diseases, some individuals are turned down by some insurance companies. In a group health insurance, every member can avail of health services even when they have pre-existing conditions.

One good thing about group insurance is that all members pay the same premiums throughout the plan. Contrary to individual health insurance plans, a group health plan will not factor in an individual’s health condition and age. However, premiums in a group are based on the type of occupation the group belongs to. For instance, group of construction workers pay lower premiums than a group of executives.

In group private health insurance companies, the possibility to renew is clearer than when getting an individual policy. As long as you remain a member of the group and still work for the employer who sponsored it, you are eligible to renew.

Undergo a thorough health examination first and have your medical history reviewed by your doctor. This ensures that you find the right type of health insurance and that you will find the best deals for your situation. Take advantage of your employer’s group insurance benefits or participate in an organization to avail of the low premium payments and wide health coverage.

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