Understanding Group Health Insurance

Understanding Group Health Insurance

Health insurance is one of the biggest things that you need to be able to pay for every month. There are a lot of benefits, but also a lot of factors that will cause your coverage to be canceled or changed.

The first factor is if your employer offers health insurance. These are good because they are cheaper than individual plans. Some employer-sponsored options will only cover certain things so if you have a pre-existing condition (which is always a concern), then there is every chance that your coverage won’t cover that and you’re just screwed. The other concern is if you lose your job (which is not a good idea) or if you decide to work for yourself. You will have to purchase your own health insurance. This may seem fine, especially if you have any other insurance policies, but if you don’t have a job that gives you group coverage, then you will lose this one. The good news though is that there are plans that cover people without jobs.

The second factor you have is if you have any other policies. If you have an HMO or some other type of provider, then your coverage won’t be affected. This is the same for individual plans, they won’t be affected. The good news here though is that these same policies are cheaper than group policies and that this can mean big savings.

The third factor is the deductible. The amount you have to pay in the event of a claim affects how cheap your policy is. It may be $500, it may be $1000. It will depend on what you want out of your policy. If you want to cover some of the deductibles, and you’re careful and don’t have any pre-existing conditions, then this can make a big difference. Again, these plans are available as a group policy or individually. Group policies can cover the deductible and help with some other costs associated with health insurance. It’s important though to note that not all of their costs are covered.

Now, the next factor that is going to affect your policy is your co-pay. This can be a set amount of money, or it can be a percentage of the amount you spend on some visits, etc. Again, the group policies can work with that amount, and the individual plans can’t. Again, if you have any other health insurance policies, the policies that come with group coverage are going to be cheaper. There is a big difference when you spend $100 for a co-pay for your children versus $150 for yourself. When you consider that you have to cover 50% of the amount instead of just 25%, the cost is much different. You will need to go to a health insurance agent to get your policy checked out. They will help you determine if the policies with a lower co-pay will be a better fit for you.

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