What Are the Advantages of Group Insurance Over Individual Insurance?

If your company offered you to become a member of their group insurance then this may be the one of the best news which ever came your way. It is not only a golden opportunity to save money for your future medical expenses but it will also guarantee that you will have less worries in case any accidental health events happen to your life.

Main Advantages of Group Health Insurance
Cost
One of the major advantages of group health insurance over individual health insurance is the cost. Everyone needs to have a health insurance so they will have a guaranteed savings in the future. Unfortunately, not all of us have the financial resources to purchase an individual health insurance because of the high rate of premiums it charges to its applicants. Thankfully, group health insurance will provide you the basic services offered by individual health insurance with lesser amount of premium. At times, your company may even take the initiative to pay the premium for you in exchange of the wonderful service you are providing the company or if not the entire payment, portion of it.

Underwriting
One of the common problems experienced by applicants of health insurance is the process of underwriting. Although some of them have enough resources to pay the premiums offered by a particular insurance company, they are still being denied by these surety companies because of their medical condition (although it is illegal to deny any application for life insurance of any individual, unless in cases of fraud and misinformation). With group life insurance, you never have to worry about it because you will not be assessed individually rather you will be evaluated based on the performance of the group, particularly the performance of the company where you belong to.

Availability
Group health insurance policies are almost always offered by all employers to their employees. By law, it is the role of the employer to provide health insurance policies to their employees and the most economical way to do this is through group health insurance companies. This entails lesser time for research and evaluation of different insurance companies which offer the same type of insurance coverage which you prefer to purchase. There is nothing to choose from because the company has done the choosing for you. The only choosing which will be laid on your shoulder is to accept or deny the offer. Of course, there is no reason why you should even deny a group health insurance policy offered by your company!

COBRA
Another exclusive feature of group health insurance policies is the Consolidated Omnibus Budget Reconciliation Act (COBRA) program. This program allows employees to continue with their group policies even after leaving your job at the company. COBRA program even allows employee to get up to 18 months of their health insurance plans after they have left the company. But of course, the payment of your premium will not be shouldered by the company instead you are the one who will pay the monthly or yearly premium of your group health insurance policy. This is perfect especially if you are in the middle of a medical crisis before you left the company.