Why Group Medical Insurance Plan?

The number of U.S. citizens opting for health insurance is steadily increasing and nearly sixty percent of the Americans have opted for group health insurance plans.  Most of the group health insurance plans are sponsored by the employers.  There have been reports that the group medical insurance plans offered by the employers have declined from a good 64.2 % to 59.3%.  But still millions of Americans opt for group insurance plans offered by the employers as the advantages are plenty.

One of the foremost advantages of group health insurance is that it is extremely cost effective.  Here the employer takes care of most of the medical expenses.  It has been recently published in a report that the premiums of group medical insurance plans sponsored by the employers for the entire family had risen to $12,608 for a year.  The interesting aspect is that the employees had to contribute only one third of this amount or $3,354.  This definitely is a welcome move on the part of the employers.

Group Health Insurance for Self Employed

Along with the attractive costs, even the procedure of getting enrolled in to the group plan is simple. Under the group plan, all the members of the group are insured.  Even if one of the members in the group has a previous medical condition, it is not taken in to account and all the members including the person with previous medical condition are properly insured.  One of the best aspects of the group medical insurance plan is that even self employed professionals and individuals can be covered under the group plan.  This unique facility is available in as much as twelve states of America.

If your group plan consists of a large group of members, you along with other members can negotiate for better benefits.  You can ask your employer to provide insurance for long term and short term disability, dental problems and any other kind of major illness.  It is highly advisable that you and your family enroll for a group health insurance plan, since a major illness can leave you bankrupt.  It has been noted that sixty percent of all the bankruptcies in the United States have been caused due to the inability to pay for the high medical costs.

In the event of a job loss, it would be best if you resort to the COBRA option.  Here in spite of losing your job, you are allowed to purchase your health insurance and continue to be covered under the health insurance plan of the employer for a period ranging from eighteen to thirty six months.  As you would have come to know that group health cover is the best for those who want to get a large group insured and at the same time avail all the facilities a health insurance would cover.

You would be surprised to find that in many aspects, the group health cover easily scores over the individual cover.  The foremost reason being the cost of premiums.  Even after paying a hefty premium, the individual before being awarded his individual health plan is subject to various medical tests and his medical history is thoroughly analyzed.  As we discussed earlier, if an individual is found to have a previous medical condition, the health insurance plan does not cover that condition.  Where as in a group medical insurance plan, you do not have to face such difficulties.  The power to negotiate for better benefits also makes group health insurance plan more attractive and better option.