Group health insurance versus individual health insurance

Whether you select a group plan or an individual insurance plan, purchasing a health insurance policy is very necessary today. Even though both the insurance types provide the basic insurance coverage, there are a few important differences between individual and group health insurance policies. Before determining on a precise kind of health insurance plan for the first time in your life, it is very significant to know from a health insurance agent about the kind of insurance coverage available in Fort Wayne, Huntington, Kendallville and IN. Whilst there are several ways to get health insurance policy from us at Health Insurance Shop, it is good to know what you may be eligible for before you start your health insurance search. Here, we have provided a succinct overview to apprehend the 6 main distinctions between individual and group health insurance plans.

Group health insurance Individual health insurance
1. Cheaper Costly
2. Premium deducted directly from
paycheck
Premium paid individually
at a specific time
3. Do not get any benefit Eligible for a no-claim
bonus
4. Doesn’t allow you to apply
for loans
Serves as an asset and allows
you to pay for loans
5. Medical tests aren’t
compulsory before buying
Medical tests are mandatory
before buying
6. Only the provider can
discontinue your policy
Only you can discontinue your policy

Which option do you feel is best for you?

Group and individual health insurance plans have their own pros and cons. While having group health coverage is very wise since being cheap yet it would be desirable to have some individual coverage as well since the individual health insurance gives you a lot of independence. Therefore, by maintaining an equal balance between both the types of insurance, you are surely going to have the maximum insurance coverage possible. Now, the choice is totally yours.