Kevin Stith asked: With the many choices of insurance plans out there, you have to ask yourself, ?Which one should I take?? What’s more, if you are not familiar with the insurance terms such as premiums and deductibles, you may end up getting a plan which may be too expensive or offer lesser benefits than you had expected. So when choosing a plan, you need to be certain whether you want to get an individual health insurance plan or a group insurance plan.Individual health insurance plan vs. group insurance planIf you want to get an individual health insurance plan, you have to go to an agent. Individual policies have laws and regulations that are very different from the group or job-based insurance plan. As a matter of fact, the benefits and protection that individual policies offer are often not as good as the ones that the group insurance plan does. But of course, this varies from state to state.One disadvantage of getting an individual health insurance plan is that you can be turned down based on your health status. Some insurance companies in some states do not offer coverage if you have any pre-existing conditions. But some do offer what they call a drug card. This will allow you to purchase prescription drugs but it will be covered by your individual health policy. When you think about it, the individual health insurance plan can be limiting, in terms of coverage and services.If you are employed in a company, the group insurance plan is what your employer will offer you. They say that this is the most consumer-friendly kind of insurance out there. The best thing about this insurance plan is that you get coverage no matter what your health status is. Unlike in the individual policy, you can also get coverage for a pre-existing condition, but usually for twelve to eighteen months only.Lyrics Union

To discuss the terminology Group Health Insurance, we must first familiarize ourselves with the concepts Insurance and Health Insurance.Insurance is a kind of protection, a safety net against unforeseeable losses. No one knows what the future holds, and insurance is a good way of preparing for what may come. Health insurance is a protection against medical costs. The insurer pays the cost of the insured person if the latter falls ill – due to accident maybe, or any of the covered causes. Magnify the health insurance more than ten times over and you get the Group Health Insurance.Group Health Insurance is a health coverage based on a group of people under a company or an organization. The cost of the insurance is allotted among the members of this group. The group enjoys a wide range of benefits of Group Health Insurance. A master contract or policy is issued to their employer or to any of the group’s affiliations.Health insurance is one of the most important benefits offered to an employee through their employers. Not only does an employee feel secure with this insurance, he also feels assured of the care of his employers. Companies spend billions annually for health insurance, and group health insurance make up the bulk of the revenues earned by health insurance companies.Group health insurance can be availed by any company with two or more employees. Requirements vary around the world, though one constant requirement is the proof of legitimacy of the company’s operation. The number of employees to be insured under the group plan determines the type of coverage available to the employer. A company with more than a thousand employees will have customized health plans, and these may include additional benefits.With the rising costs of prescription drugs and health care in recent years, companies have experienced a drastic increase in the cost of providing health care benefits to their employees. Many companies are forced to cut back on the benefits of the health plan, and some even require their employees to pay a higher share of the monthly premium of the insurance, even to the point of requiring them to pay the 100% of the dependent premium! Decreases in the health insurance benefits cause some employees to pay medical expenses themselves when they require medical treatment or prescription drugs. Businesses offering full premium payment for employees and their dependents are fast decreasing.Photos Union

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