Many people carry health insurance group plans from their employer or another source. However, this might not prove the best option for some policyholders. At times, an individual health plan might better suit your own and your family’s needs. So, it never hurts to check the options offered by individual plans. Yet, drawbacks might still exist. How can you think about the pros and cons of pursuing the individual option?
Why You Might Not Choose Employer Health Insurance
Most employers offer group health insurance plans. With these plans, the employer and the employee share the costs of the policy. Usually, employees and their dependents have the option to enroll in the coverage.
If you can enroll in group coverage, you might find this very beneficial. First, the premiums of this coverage often prove more affordable due to cost-sharing. You also usually have a guarantee of coverage as long as you stay with the employer. You’ll also often find a consistency of benefits, barring the group switches policies.
Even so, group plans have their drawbacks, mainly in terms of coverage offered. Subscribers often receive the same benefits as other members, though differences might exist. You might find that your group plan doesn’t include enough support for your particular needs. You might even find the cost too high in some cases. Your employer will likely provide you with a benefits summary. It can help to guide your decision whether to waive coverage.
The Benefits of Individual Plans
If you find that a group plan doesn’t suit you, you can search for an individual plan.
The major health insurers provide a myriad of policies. Insurance law ensures that most policies offer critical benefits, like immunizations and coverage for many hospitalizations and surgeries. Still, you’ll likely be able to find coverage that suits your cost and more unique health needs closely.
However, these policies still might have drawbacks.
- Based on different factors, you might not qualify for coverage on certain plans. This is not as large of a risk if you enroll on many group plans.
- Individual plans often cost more than group plans, particularly if you add dependents. You won’t have the support offered by your employer.
- You generally cannot take an a la carte approach to many plans. That is, you only have a certain degree of leeway to tailor the coverage to your exact satisfaction.
Compare your two options before enrolling in coverage. However, don’t let yourself go without health insurance. It’s one of the best forms of personal security you can ever carry.