Group health insurance is one of the most common and popular ways to offer affordable insurance to larger groups of people, such as a workforce. This hinges on the ability to offer similar policies to each of these people, something that group health insurance agents can negotiate and help you implement.
Is group health insurance the right choice for you? As with all insurance products, there are benefits and drawbacks, but it’s an easy and convenient option whenever it’s offered!
Benefits and Drawbacks of Group Health Insurance
- Lower premiums
The biggest benefit, of course, is that the per-person premiums on group health insurance will always be lower than the cost of comparable private insurance. In general, you can save up to 30%, or potentially even more. This can make a big difference in the affordability of insurance, or else allowing people to buy more insurance than they could otherwise afford.
- No waiting periods
Concerned about matters such as enrollment windows? This isn’t an issue with group insurance. In nearly all cases, a new enrollee can go straight onto their new insurance policy with no substantial delays. This can be important in preventing any sort of coverage gap when changing plans.
- No check-up required
Often, when you get personal insurance, you’ll be required to take some physical examinations and check-ups. These add significantly to the hassle of getting insurance, not to mention adding time and costs. However, with a group policy, you can usually walk straight onto the plan with no extra check-ups needed.
- Maternity coverage
Most group plans will include maternity coverage as standard, and that’s not always the case with private policies. This doesn’t benefit everyone, but if you see an upcoming need for maternity coverage, it’s a big benefit.
As far as drawbacks? There’s really only one: your insurance requires you to remain a part of the group. It will generally end in very short order, should you leave your job or otherwise walk away from the group offering the insurance. So, you want to make sure that it’s a group you want to stick with!
Good and Associates Can Help You Find the Best Group Policies
Own a small business, or other group looking to offer insurance to its members? The expert group health insurance agents at Good and Associates can make the process easy! Contact us directly so we can discuss your insurance needs.