Individual health plans and group health policies are the two most common types of health insurance coverage. While both provide basic medical coverage, they differ in structure, cost, and eligibility, so it is essential to understand how each operates.
Individual Health Plans
Individuals can purchase individual health plans through us at Elite Benefits Group. These plans are suitable for self-employed individuals, freelancers, and those who do not receive coverage from their employers. One of the primary advantages of individual plans is flexibility. You can select from various providers and coverage options to fit your specific requirements and budget.
It is essential to collaborate with a team like ours when researching individual health plans, as we can recommend options you may not have considered and help you understand the nuances to ensure you obtain the coverage you need.
Group Health Insurance
Employers, unions, and professional organizations are the most common providers of group health insurance. These plans cover a group of people under a single policy, which usually results in lower premiums due to risk sharing among numerous members. Employers often fund a significant portion of the premium, making group insurance more affordable for employees.
We can help employers find group insurance for their teams, working to find the best options and answering any questions they and their employees may have.
Key Differences
The primary distinction between individual health plans and group health insurance is the entity that sponsors the plan. Individual plans are self-purchased and customizable, whereas group insurance is employer-sponsored and standardized among participants.
Which One Should You Choose?
Your employment status, health needs, and financial situation all influence your decision. Group insurance is often less expensive for employees. However, if you’re in between employment or self-employed, an individual plan provides essential coverage with a range of options.
Contact us today to learn more.