subject: Individual Vs. Group Health Insurance Baltimore [print this page] Individual Vs. Group Health Insurance Baltimore
There are several differences between individual and group health insurance Baltimore. With several employers eliminating benefits across the board, it is important for the population to educate themselves on the differences in case they find themselves without insurance due to a loss of benefits. By understanding these significant differences, you will be able to prepare yourself and will gain the knowledge you need if the time ever comes that you are forced to invest in your own individual coverage. With several health insurance providers and agents in your area, finding affordable coverage has never been easier.
Individual Health Insurance Baltimore
Individual insurance plans throughout the United States can use preexiting conditions, previous diagnoses, and treated health problems to determine the rate of the covered individual. Those with health issues can be defined as high risk and will be subject to paying higher premiums. With many insurers, there are specific conditions that will make applicants ineligible for insurance entirely. For these individuals, finding insurance may be very difficult if not impossible unless they are applying for a state or county medical plan.
Unlike group insurance, the policyholder is required to pay the entire premium of the insurance plan. With employer-sponsored policies, the company will pay a portion of the insurance that lowers your overall out-of-pocket cost. These premiums are also deducted from your paycheck before tax so they will reduce your taxed income and can lower your tax bracket in some cases. Because individual plans are paid with after tax dollars, they are tax deductible on your tax returns. Policyholders can choose between PPO or HMO plans.
Each plan will have a separate annual maximum payout and a lifetime maximum payout, in addition to maximum out of pocket amounts. It is important to research how much you could possibly pay out-of-pocket if you have an accident or suddenly become ill.
Group Life Insurance
If you are lucky enough to be offered group life insurance from your employer, it is strongly recommended to take advantage of this offer no matter which insurer or provider is offered. Group life insurance cannot penalize you for pre-existing conditions and they cannot rate you are a higher risk if you have a poor medical history. Studies have shown most Americans with private insurance obtain their coverage through group plans as they are far more affordable. These comprehensive health insurance plans generally offer prescription benefits, long-term care coverage, dependent-care, and short-term disability.
Choosing which type of managed care plan you can afford is a big decision. You must consider your out-of-pocket costs monthly for your insurance premiums and how much you will have to pay for surgeries or doctors visits. Always do your research and if you find yourself without insurance, protect yourself by choosing the most affordable plan that falls within your budget.
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