Employment Company Insurance vs. Catastrophic Insurance

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Employers company insurance and catastrophic insurance are different in a few different interesting ways. Learn about the differences between employers company insurance and catastrophic insurance with help from a business and finance professional in this free video clip.

Part of the Video Series: Business Tips & Insurance Info
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Video Transcript

Hi, I'm Ernie Bray. I want to speak with you a moment about what the difference between employers company insurance and catastrophic insurance. Now here's the basic differences. Now employment insurance, when you have insurance in the company for health care coverage, you have a portion paid usually by your employer and a portion paid by the employee. Now the cost to maintain this though is higher if you leave the company, while you're with the company you're able to go to the doctor visits, have co-pays and it's a very, very attractive option but if you leave your company you then have to pay more. Now if you have catastrophic coverage, it's a very, very low premium but it only covers you if you have a catastrophic accident hence the word catastrophic. You don't get to have doctor visits or prescription drugs covered and it's a very, very basic and minimal policy so you're taking more risk. A lot of times people who are younger choose the catastrophic coverages while the people who are older choose more of an employment company type policy. So basically that's the difference between the different types of insurance and it's up to you to choose which best suits your needs. I'm Ernie Bray and thanks for listening.

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