| Many people do not face the problem of changing | | | | these have exclusionary riders though. This means |
| from group to individual insurances. There are also | | | | that pre-existing condition services are not |
| many differences between the two insurances | | | | covered. States, many times, greatly differ on |
| including things like the cost. It would be beneficial | | | | administration of the insurance provided. Basically, |
| to familiarize with the differences of the two. | | | | things can greatly differ from state to state. |
| Group Insurance | | | | Insurance companies can even change a lot one |
| Many times the group healthcare is purchased | | | | from another. A smart consumer must shop |
| from the employer for his employees. Anyone | | | | around and choose the best deal. |
| who is eligible may be able to receive this | | | | Options With COBRA |
| coverage. Group coverage is most of the time | | | | COBRA is one of the first option for people who |
| cheaper as a whole because of the larger buying | | | | lose their health insurance coverage. Consolidated |
| power of the group. The premium will be based | | | | Omnibus Budget Reconciliation Act is what it |
| off of how much the group in total uses the | | | | stands for. You can stay on your employers job |
| insurance. On the other side of the coin, if you | | | | insurance for up to 18 months after losing it. Many |
| are on individual insurance then it will be based | | | | times employer coverage does not go for |
| solely on how often you use the insurance. For | | | | everyone though. For example, if the company |
| this reason, individual insurance can be expensive. | | | | has less than twenty workers and the company |
| Individual Insurance | | | | went under or if it went bankrupt or dropped |
| Individual insurance is insurance bought by the | | | | group insurance. |
| person and not by a company or group. Individual | | | | The biggest drawback of COBRA is how |
| policies do not offer as much as group policies | | | | expensive it is. You end up paying the entire |
| most of the time. Many things will not be covered | | | | amount of your healthcare coverage. Not like |
| under an individual plans such as things related to | | | | when you had your job and the boss makes sure |
| substance abuse. | | | | its paid for you. Since march of 2009 recipients |
| One more big difference between group and | | | | have only had to pay around 35% of the |
| individual insurance is that with group insurance the | | | | premium. The government helps pay the rest. |
| company is required by law to provide everyone | | | | If you have lost your group healthcare it will most |
| who works for the employer. Companies are not | | | | likely cost you more to get individual healthcare. It |
| required to issue you a policy on individual | | | | will greatly help you to prepare if you understand |
| insurance. This is upsetting for those with | | | | these differences. Investigate COBRA if you are |
| pre-existing conditions. You may be disappointed | | | | worried about pre-existing conditions. You may |
| as well if you had a job that offered this type of | | | | even want to check with different health and |
| insurance and later quit losing your privileges. | | | | medical insurance companies and look at their |
| Healthcare companies may be able to help people | | | | different costs. |
| with pre-existing conditions in some states. Usually | | | | |