Is individual health insurance cheaper than group health insurance?

The cost of your health insurance policy is based on many factors. When you have a group health insurance policy through your employer or other group, your insurer bases the price of the policy on the risk factors of the entire group being insured. Coverage may also be broad and include benefits you don’t need, such as maternity and prescription drugs.

Many people believe individual health insurance to be exorbitantly expensive, and they are then pleasantly surprised to find it far more affordable than they expected. That’s because private health insurance plans look at each individual’s health risks and create a customized plan based on the health care benefits that person needs. The price of the family health insurance plan is then based on a single family rather than a broad assessment of an entire group’s needs.

If you are shopping for an individual health plan, your insurance company will closely assess your personal health status to determine your final cost. You will be able to adjust your deductible as well. A high deductible will reduce your monthly premiums, while a lower deductible will raise your monthly premiums. You can purchase a policy that covers only the bare minimum of preventative care, or you can choose a plan that offers dental, vision, and prescription drug coverage as well as health care coverage.

Ultimately, the price of your family health plan is often in your hands. You may be able to locate cheap health insurance plans that are as much as one-third to one-half the cost of group health plans simply by exploring your options and adjusting your deductible.

One of our insurance agents can help you locate the individual policy that’s right for you. Contact us today to learn more about your options.

 

Source: Los Angeles Health Care

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