3 Advantages Of Group Health Insurance

Many companies offer group health insurance for their employees, which is beneficial for everyone. Employees are less concerned about medical bills, and the employer gets productive, healthy employees. If you would like to know more about why group health insurance is a must, check out these three advantages.

1. Lower Premiums               

The leading benefit of group health insurance is reduced premiums. Every type of insurance requires you to pay a monthly premium to help cover the costs of the insurance. If you choose to get individual health insurance on your own, you'll have to pay the whole premium yourself.

If you have group insurance through your work, however, your work will pay for some or most of the premium. In addition, the insurance provider may be willing to lower premiums because they are getting so many customers.

2. No Health Exam

A huge problem with individual health insurance is the health exam you must take to qualify. These insurance carriers don't want to take on too much risk, so if you have some conditions, they may increase your premium, or they may deny you completely.

With group health insurance, no health exam is needed. You automatically qualify as long as your work says you qualify for insurance benefits. Even if you do get diagnosed with something major, your insurance cannot boot you.

3. Multiple Options

In reality, you have more options when choosing individual insurance (if you qualify), but companies are getting more robust in the options they provide employees. In addition to standard health insurance, some companies also offer a high-deductible policy. As the name suggests, these policies have a high deductible, which is how much you must pay before insurance kicks in.

These policies often come with a health savings account (HSA). Each paycheck, some money is put into the HSA. Some employers may also contribute to each employee's HSA. The HSA can be used to pay for medical expenses like the deductible. The money in the HSA rolls over from year to year, so you don't lose it if you don't use it. This is also a great way to save up for future expensive medical costs.

Group health insurance is a great way for both employees and employers to save money. Plus, unlike individual insurance, no health exam is required, so everyone can get covered. If you would like to know more, contact an insurance company, such as SCI & Associates, in your area today.