Understanding the Differences Between Individual and Group Health Insurance

**Choosing the Right Insurance: Group vs. Individual**

Deciding between group insurance and individual insurance can be a bit tricky. Group insurance is often cheaper for both the company and the employees, making it a popular option. However, an individual insurance plan is something everyone should consider, even those who already have coverage through their employer. Here’s why:

Individual insurance allows you to customize what is covered, based on your and your family’s health needs and history. You can choose the health issues and illnesses you want to be insured for, how many family members to cover, and the coverage amount.

In contrast, group insurance plans follow the company’s guidelines and your employer’s preferences. Plus, these plans only last as long as you’re employed with the company. If you switch jobs, you may or may not have access to similar health insurance with your new employer. And the level of coverage might not be what you had before.

It’s also harder to get individual health insurance after retirement if you haven’t already set it up, especially if you have developed health issues. And even if you do get coverage, the premiums are likely to be higher.

Given these reasons, it’s wise to have an individual health insurance plan in addition to any group plan your employer provides. Once you decide to get individual coverage, do your homework. Compare rates and options thoroughly, and consider consulting a professional if you need help. After all, it’s your money and your health at stake.