What’s the Difference Between Group Health Insurance and Other Types of Insurance Plans?
When you need insurance, the options can be overwhelming. How do you know what type of insurance plan you need? Which one suits you and your family’s needs? And what’s the difference between group health insurance and other types of insurance plans?
What Types of Health Insurance are Available?
You’ve probably heard of several different types of insurance plans, but do you know what each
one means for you and your coverage?
Group Health Insurance
Many employers offer group health insurance, which allows deductibles and other costs to be spread out over a larger group of people. In many cases, your employer pays a portion of your monthly insurance coverage costs.
Individual Health Insurance
With individual health insurance, you can choose your provider, but your costs will be much higher. Your employer doesn’t contribute, but you have more options for providers that offer coverage for different
conditions.
Health Savings Account
An HSA helps you save and pay for deductibles on high-deductible plans. HSAs can be a good option if you struggle to pay for a group health plan or want more control over your health spending. You may also be able to pay for co-pays, prescription and over-the-counter medicines and even vision care with your HSA.
Health Reimbursement Arrangements
With an HRA, your employer reimburses you for premiums and out-of-pocket medical expenses. The downside is that your employer can set a medical spending limit and only reimburse up to a certain
amount.
Qualified Small Employer HRAs
With a QSEHRA, a company with fewer than 50 employees offers each employee a specific amount of
money. You purchase an individual health plan, which the employer reimburses with proof of purchase.
Indemnity Health Insurance Plans
You may also know these plans as fee-for-service plans. Indemnity plans allow you more flexibility if you
need extensive health care and don’t mind extra paperwork and higher rates.
Choose the Best Plan with Life143
If you’re searching for the best health insurance plan in New York, Life143 can help you get the medical
coverage you need. Call us at (718) 878-6484 or contact us online to get a free insurance quote.
