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Group Health Insurance

You can get group health insurance coverage through your work, but there are other ways to find group health insurance. Other organizations, such as trade unions, or alumni associations, also offer health insurance coverage to a specific group of individuals. Group health insurance coverage may also be arranged through a chamber of commerce or a religious denomination.

 

Group Health Insurance: Advantages

There are advantages to enrolling in a group health insurance plan:

  • Shorter Waiting Period

    • If you are enrolled in a group health insurance plan, the amount of time you will have to wait for coverage to begin may be reduced. (Be sure to ask when you benefits will actually start before you apply for coverage under the plan.

  • May be Easier to Get Coverage

    • If your group is a small one (less than 50 members), you may not be required to answer any medical questions or have a physical exam before you are insured under the plan. Larger group insurance plans are subject to medical underwriting, and you may be denied coverage if you have a pre-existing condition.

 

Group Health Insurance: Disadvantages

While group health insurance can make a lot of sense, there are also disadvantages to enrolling in this type of insurance plan. Consider the following:

  • Policy Terms Are Not Negotiable

    • If you want to be a member of a group health insurance plan, you don't have a say in the type of coverage you will be given or the amount you will be charged for premiums. You also can't choose the lifetime maximum amount of coverage you will receive under the plan.

  • Choices May Be Limited

    • Unlike an individual health insurance policy, you can't choose the type of plan you will be participating in. If you were buying a policy on your own, you may not want to enroll in a Health Maintenance Organization (HMO) plan. Choosing a doctor from a list of providers to be your primary care physician may not be the ideal solution for you, but if you want to participate in the group plan and that is the type of policy that has been selected, you don't have a choice.

    Being able to see a specialist without a referral from your primary care physician may not be your preference, either, but with an HMO plan, you will need to see your doctor before an appointment can be scheduled.

 

Group Health Insurance: Offering This Coverage Makes Sense To Employers

Employers are interested in doing whatever they can to attract (and keep) the best candidates for jobs. One way they can make their company a good place to work is by offering a group health insurance plan to its employees. By offering to pay at least a portion of the premiums, employees get this much-needed insurance at a more affordable price.

Get the information you need to know about group health insurance plans today! Click on the free insurance tool at the top of this page to find out more.

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