Group Coverage Versus Individual Coverage

Group Coverage Versus Individual Coverage

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Whenever we go to markets or outlet stores or bazaars, it is always cheaper to buy things in bulk. It is like the more things you purchase, the bigger the discount you will get.  As the term individual implies, this type of insurance provides single coverage for an individual or family. This also applies to those who are not insured under an employer. Even those with company or employee group coverage still opt to sign up for individual coverage in anticipation of the time that their group insurance runs out. Insurers of individual coverage normally expect policyholders to turn in premium payments on a monthly basis. How much you pay for a premium depends on your coverage and the insurer you chose to sign up with. Sometimes, the insured party still needs to make additional payments apart from their monthly insurance premium in the event that a medical treatment required is not covered by the policy. Group Coverage, on the other hand, refers to the insurance policy that employees get from their company. Specialized group of individuals such as freelancers can also avail of insurance through group coverage.