Differences Between Individuals and Group Health Insurance

By: Privatehealthinsurance247.co.uk  05/11/2012
Keywords: health insurance, medical insurance, private medical insurance

Health insurance plans have several types and it is quite necessary to understand each type separately to find most beneficial health coverage in your context. Majority of people have basic knowledge of insurance working procedure so they can easily take right step for financial onset. Some basic insurance coverage that most of the people required are:

·        Medical insurance

·        Auto insurance

·        PPI or disability insurance

·        Home insurance if you are at high risk area

Selection of insurance plan is not as simple as it seems. These major insurance categories are further subcategorized into several types. Here, you can get essential information on selection of health care coverage plans.

Medical insurance plans can be divided into two broad spectrums – Individual and Group health coverage.

Group health insurance is sold to a group. It could be a family or working people of same company but most likely for company employees. Individual health care plans are purchased by a single person for own health security or family health safety. In this coverage individuals are free to choose the plan separately according to terms and premium. They can also negotiate on the terms and cost with insurance provider.

On the other hand, group health insurance plans are sold to a company to cover health benefits of the company’s employee. Cost divided upon the employees and it is very less that makes it an affordable choice for everyone. These plans are available with fewer limitations. In majority of cases, employees as well as the family of employees are entitled to get coverage though the plan. These plans are purchased by the company for the employees and directly from the insurer.

The employees may not be able to make amendments to the offered plan according to own needs and requirements. Any changes can be made by the employer whenever it is required. So, employees who are secured with group health coverage plans also get individuals health insurance plans that suits to their needs and requirements. Once you leave the company you can get health coverage only according to COBRA terms. In that case, you may need to purchase individual health plan.

Keywords: health insurance, medical insurance, Private Health Insurance, private medical insurance

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