Group Health Insurance Coverage for Individuals

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Group health insurance coverage for individuals reduces costs, requires a certain percentage of a business to participate and may not be tailored to fit individual needs. Find out how companies benefit from group health insurance coverage with information from a licensed life and health insurance representative in this free video on insurance.

Part of the Video Series: Insurance Information
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Video Transcript

This is John Pinelli, Financial Representative, talking to you today about group health insurance for individuals. Most companies or organizations that you work for will provide some sort of group health coverage for you as an individual. Now the way that these group plans work, is they take everyones together, they pool it, so that everyone is receiving similar benefits. They're able to reduce costs this way, and they're able to speed up the process of underwriting and getting people approved for these. Now an important thing to remember is that the employer does receive a tax deductible for you participating in the plan, so it does benefit them to have you participate in the plan. Also, there is a required participation rate, typically about seventy five percent of the employees do need to participate in the plan for it to be considered an eligible group plan. Now, your employer may offer you options in terms of HMOs or PPOs, so it's important to understand the differences between those, and to understand exactly what it is that you are being offered by your individual employer. The benefit plan that they may provide you may not make the most sense for you, but if you were to try to seek out a comparable plan, such as that, it would potentially would be quite a bit more expensive on your own. So an important thing to remember is, number one, you're getting good discounts when you get group plans through your employers, 'cause they're able to offer them at a discounted rate. But, also, number two, remember that these benefits are not tailored to your specific needs, so they may not provide you with the flexibility and coverage that you personally would...would be ideal for you. So this has been John Pinelli talking to you today about group health for individuals.


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