Pros and Cons of Group Health Insurance

Pros and Cons of Group Health Insurance

http://insureme.us/pros-cons-group-health-insurance/

PROS:

• Insurance premiums are often covered partly or completely by employers.
• Group plans are cheaper than individual plans. Insurance companies get more profit when they have more people on their plans.
• Group insurance policies cover all people, regardless of age or present state of health.
• Physical exams and medical history surveys need not be given or completed since an insurance company gives all employees under a group health insurance.
• It is the best possible and cheapest health coverage for employees.

CONS:

• It is designed for a whole group, therefore it cannot be tailor made for a particular individual.
• A person in a group insurance plan cannot decide what type of policy, amount of premium and deductible and maximum lifetime coverage it provides.
• When the member leaves the group or company it belongs to, the member may lose the group coverage. In some cases, it is possible to keep the policy but the person will have to pay the premiums himself.