Which is Cheaper, Group or Individual Health Plan?
Posted by Todd Fries | Filed under FAQ, Health Insurance
I’m self-employed and run a small business. Is it less expensive to go with group health insurance?
Usually the answer to that question is “no”.
The reason is, unlike individual health insurance, with a group plan you cannot be declined for health insurance based on pre-existing health conditions. Therefore the premium reflects that, so if you and your employees are eligible for individual coverage, from an economical standpoint, that is a better option.
If you or one or more of your employees is declined, we can always submit an application for group coverage. Just be aware the premiums tend to be approximately 50% higher for group coverage.
Insurance Basics gives a very succinct breakdown of the differences, pros and cons of group and individual insurance policies.
Click here for more details or personal questions…
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