If your employer offers health insurance to you, then it is group health insurance. There are some real advantages to group health insurance, but it may not be the best choice for everyone.
One of the major advantages of group health insurance, is that no one from the group can be excluded if they apply for coverage during the open enrollment period. That means that even if you have had major health issues in the past such as cancer or heart attack, you can still get coverage.
Once you reach age forty to forty-five, you will find that cost for group insurance is less that you would pay for an individual plan. In this age bracket, you will find that insurance costs about the same for individual policies as for group health insurance. As you age, individual policies get more expensive.
You will also find that individual policies have some disadvantages also.
With many plans, you do not have the chance to customize your coverage. It the plan administrator chooses to go with a new plan, you are stuck with the new plan, whether it is beneficial to you are not. In this time of budget cuts, many individuals are finding that their employers are going with cheaper insurance and the employee is paying more from his own pocket.
A second disadvantage for group health insurance is that if you are young, you are probably paying more for group health insurance than you would pay for an individual plan. With a group plan, everyone pays the same price regardless of age, so group health coverage could cost you as much as two hundred dollars over the cost of an individual plan each month.
If you employer offers you group health insurance it is possible the company is paying part or all of your insurance. This is often a considerable benefit for working fro a company.
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