- Individual Health Insurance – This type of coverage is available to individuals looking to insure themselves or their families. Many people believe this coverage is just for one person but affordable individual health insurance can cover multiple people.
- Group Health Insurance – This type of coverage is designed specifically for companies to buy for their employees. Group health plans can be purchased on the open market just like individual health coverage or they can be a self insured plan set up by the company.
- Underwriting – With a group health plan every single person that applies for coverage is accepted onto the plan. No one is denied coverage because of pre existing conditions. If you have pre existing conditions this may be the best option for you. Most group plans will not always cover your pre existing conditions right away as there is typically a waiting period before they are covered if you have not maintained continuous health insurance coverage. Individual insurance policies differ because companies get to pick and choose who they offer coverage to. If you have health problems, individual health plans may deny you.
- Cost – The cost of group insurance may be cheaper than individual insurance as the company often gets a deal for covering a group rather than an individual. However, both individual health plans and group health coverage range in costs depending on what benefits are included. You will want to compare the cost of the group plan and individuals plans to make sure you get the most comprehensive, affordable insurance.
Major Difference Between Group Health Insurance versus Individual Health Coverage
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