Group VS. Individual Insurance

Employer/Business Owner

Group Health Insurance

Self/Shared Funding

Group Vision, Dental, Life

Individual Health Insurance

Healthy Families

Disability Insurance

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Small Group Insurance has some definite advantages over Individual Insurance policies. However, Individual Insurance is not without it's advantages as well.

Individual Insurance Policies-Usually less expensive but harder to get.

Individual Insurance Policies require underwriting. In a nutshell what this means is that the Insurance Carrier has a chance to look over your health history before it accepts you as insured (Health history questionnaire). So, if the Insurance Carrier decides that you may be a high risk for large claims that they may have to pay on your behalf, they may decline to insure you. However, because of this look into your health history, if they decide to insure you the cost is usually less as compared to similar coverage in a Group Policy. As a general rule it is also more time consuming to have an application for Individual Insurance approved. At approval the Insurance Carrier may offer a higher than standard rate if you have had some health issues in the past but they still want to insure you. If this happens the cost may actually be higher than similar coverage in a Small Group Insurance Policy.

Basically, Individual Insurance would be a good option if:

1. Your employer does not offer medical benefits to it's employees.
2. Your employer pays a large portion of your benefits but not for your dependants and you would like to insure them at a lower cost, and they are relatively healthy.
3. You are in relatively good health and are not in either category 1 or 2 and wish to buy insurance for yourself and/or dependants.
4. You have left employment with insurance benefits and are not eligible for insurance benefits yet with your new employer due to a waiting period or some other company policy. (Continuous coverage is very important when you apply for Group and Individual Insurance.)

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Note:

Please be aware that these are not the only Insurance situations that may affect you and you should always inquire for information from a Licensed Insurance Agent. This website is for informational purposes only and it is not intended to replace a Licensed Insurance Agent or to offer legal advice of any kind.