Every U.S. business that has at least 50 full-time workers is legally required to offer a health insurance plan to its employees. Traditionally, group insurance has always been better than private health insurance because employers and employees share the cost of coverage. Many employers paid a portion of their employees’ premium costs.

However, the rising cost of health care has caused many employers to reevaluate their group insurance plans. Employees face increased premiums, copays, coinsurance and other out-of-pocket expenses.

Reasons Why Individual Health Insurance Could Be Better Than Employer-Based Plans
individual health insurance could be better than employer based plans

If you have group health insurance through your employer, you could be looking at:

  • Cuts in family health coverage.
  • Cuts in spousal coverage.
  • Increased copayments.
  • Reduction or elimination of employer-paid premiums.
  • Cuts in employee hours to transition them to part-time employees.

When you have an individual health insurance plan, your coverage is not at the mercy of your employer. You have the freedom to choose a plan that works with your budget, fits your medical needs and offers coverage packages you want.

And since your insurance plan is not linked to your job, you have the flexibility to change careers more frequently without a lapse in insurance coverage. This is especially important to freelancers, self-employed individuals and entrepreneurs.

In fact, self-employed health insurance is a common nickname for individual plans, since many self-employed individuals are covered through these plans.

Many private health insurance companies offer special condition management plans for those who have certain medical conditions. This may make it cheaper to treat your condition than if you were enrolled in a basic group health plan, which might not cover the necessary medical treatments, services or devices needed for your condition.

Are there ways to get individual health insurance coverage even cheaper? Continue reading the next slide to find out.

By Admin