North Carolina Health Insurance - Individual vs Group

For many, North Carolina health insurance is all the same. However, there are differences between individual and group insurance policies. These differences can save you money in some cases. Once you see the differences, look at what you have now, and see what you might actually require. You may be surprised at the differences in price and selection available to individuals outside of group health insurance. Let’s look at a few of the differences to get an idea of what is going on.

 

The structure beneath individual health insurance is different that for group health insurance. With a group policy, such as those offered by employers, the policy itself is as generic as possible and the costs reflect this. The group policy often involves coverage for men and women of different ages and in different health conditions. Everyone gets to cover the additional costs for those people not in great health. With an individual plan, the insurance company only asks the policyholder to pay premiums that reflect their age and health. The individual also gets to select a policy that reflects their needs. If they are a woman not planning on having a family anytime soon, why pay for maternity benefits? That is one of the benefits of individual North Carolina health insurance.

 

Risk determines the amount you pay in premiums with a private individual North Carolina health insurance policy. If you are in good health, the insurance company will see you as a good risk and give you lower payments. You can expect higher payments if you are older or have some health conditions. Some people with a history of poor health may find getting an individual policy is near impossible. That is one situation where group insurance may trump a private individual policy.

 

An individual North Carolina health insurance policy gives the policyholder portability. It gives individuals the choice of where they work without putting health insurance in the way. They can take the job they want without worrying about whether the new employer may have health insurance or not. It is especially nice for those contemplating jumping into their own businesses. Group policies have their place. They are great for those that get employer subsidization or that have pre-existing conditions. But, more and more find individual plans work better for their health and their pocket books. It is a personal decision best made with all the facts in front of them.