Why Individual Health Insurance is More Affordable than Group Insurance
Insurance can be challenging to navigate, especially when you’re deciding whether to get individual or group health insurance. While your decision depends in part on your coverage needs, you should also know why individual health insurance is more affordable than group insurance
What Does Individual Health Insurance Offer?
Some aspects of individual health insurance may benefit you more than group insurance. While the cost of an insurance policy varies based on the provider, tier, and type of insurance, one of the benefits of individual policies is the cost. As a general rule, you may get more coverage for your money with an individual health insurance policy. Individual health insurance premiums are also less likely to increase after an accident or illness. Individual health insurance carries a lower risk than group insurance. If you have a chronic health problem or sustain a serious injury, the broader risk pool means that the insurance premiums are less likely to increase. The company providing the insurance sustains less financial damage, and that allows the premiums to stay more consistent over time.Group insurance, on the other hand, offers you less control over your premiums, and may have limits on the benefits. While individual insurance may appear more expensive in some cases, you get more for your money. With individual policies, you own your policy, you have more flexibility in your coverage, and you can choose your insurer.
Counseling Services for Weight Loss:
According to the National Institute of Diabetes and Digestive and Kidney Diseases, more than 1 in every group of 3 adults is obese. Obesity being one of the main causes for so many illnesses, it only makes sense that it should not be left untreated.
Several health insurance policies that are available through the Affordable Care Act offer coverage for weight loss counseling services. The strategies and techniques they teach their clients during these counseling services have proven to be very effective and helpful in making people monitor, lose, and control their weight.
Which Option is Right for You?
While individual insurance may be cheaper in many cases, it doesn’t mean it’s the ideal option for you or your employees. Before deciding between an individual or group plan, know which one benefits you the most.You may find that a group insurance policy, despite its inflexibility, includes health conditions you need coverage for or want to offer to your employees, whereas an individual plan may not. At the same time, if you get individual health insurance, the lower risk of rising premiums in individual health insurance may work better for youand your covered workers. For instance, individual health insurance may benefit people with chronic health conditions more than group insurance would. To learn more about individual and group insurance policies and which benefits you the most, contact us.