FeelingWow! Magazine

There are Pros and Cons to buying individual health insurance versus accepting your employer group plan. In order for you to make an informative decision we will touch on some of the main pros and cons in this article. By reviewing these pros and cons you should be able to make a decision with confidence that you have thought through thoroughly.

The main reason consumers think about going to individual health insurance through a private health insurance company versus their employer group policy is because of the increasing cost of group premiums. Many times your employer pays a portion or your entire premium, but pays nothing for your dependents.

Individual health insurance premiums are typically more affordable then group premiums. This rule is not true for everyone however. Carriers set rates according to factors such as age, location and medical conditions. So if you or your dependent is 55 and has a few medical conditions you may get the best rates through the group policy.

If you are eligible for Group insurance and you have a medical condition then most of the time Group is the favorable option. See where individual insurance can base rates and coverage on you as an individual group can not. They must cover you even if you have a significant health condition.

If it is freedom you like, than an individual plan is probably a good choice. They have many plans, many benefits and many customizable additions. You just pick and choose, find what suits your needs and get what you pay for. No more, no less.

When you go with a group you are locked in. You are obligated to use the plan they offer with no freedom to choose the benefit package. They also have an enrollment period. If you miss it you have to wait a year to sign back up or make changes. Your employer can change the carrier and/or plan every year if they want, which means rates and benefits are subject to change. And it may leave you searching for a new physician every year.

Individual allows for some innovative customization. You have the flexibility to add many benefits to one of the basic plans. You could add things such as dental, vision, maternity and even life insurance.

You should now be equipped to thumb through your pros and cons of the two options and make a smart decision. Think about what you need and desire. And what you can afford. The you will be able to make a good choice.