Group vs. individual health insurance plans

Group vs. individual health insurance

If you are in the market for health insurance, you may be wondering whether to get it through your work’s group plan or to get an individual plan. You might also be wondering if there’s a difference.

There are, in fact, some major differences in group and individual health insurance.

Expert Insurance Team’s main goal is to provide you proper coverage and always do what’s best for you, so we are going to explain those main differences so you can make the right decision for you and your family.

Individual health insurance

Individual health insurance plans are purchased by the insured themselves, rather than supplied through work. In most instances, they have higher premiums. However, the trade-off is they are highly customizable.

You’ll have more control over your coverage, copays, deductibles, and limits. And, obviously, you’ll be choosing the carrier yourself and there’s no fear of losing coverage should you want to switch employers.

Group health insurance

Group health insurance plans are bought by employers as a benefit for their staff. Because the insurance company prices the plan based on the risk of the entire group, the premiums can be lower than individual plans and sometimes coverage can be greater as a result. However, the plans can be too “generalized” for those needing specific coverage. Then, there’s the issue of losing coverage should you leave your job.

This isn’t to say you shouldn’t go with employer-provided coverage. If the general plans work for you and your employer pays a good portion of your premiums, it can be a good deal for you.

Supplemental health insurance

Yes, there is another plan you may not have heard of. However, it is a sort of add-on.

Deductibles, copays, coinsurance, and non-covered treatments can be very costly. Supplemental health insurance can be a perfect addition to employer-sponsored coverage or an individual plan.

A supplemental plan provides payment for costs leftover by your main health coverage. However, the money goes to you or your beneficiaries. That means you can use the money however you would like.

Not sure what’s right for you?

Still unsure which route to take? Or are you an employer looking for the perfect group plan for your employees? Expert Insurance Team will ALWAYS do what’s right for you and will never trade your trust for money. We work in both individual and group health and our experienced team can guide you in the right direction.

You can give us a call at (630) 984-2100 or fill out our form online and we’ll get you the help you need!