Group Health Insurance VS Individual Health Insurance

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Group Health Insurance VS Individual Health
Insurance NC
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What is Group Health Insurance?
Group health insurance coverage is a type of
health policy purchased by an employer and
offered to eligible company employees and their
dependents. Currently, more than half of working
Americans have group health insurance coverage
through their employer, or the employer of a
family member. With group health insurance, the
employer selects the plan (or plans) to offer to
employees. The premium cost is often split
between the employer and employee, and there is a
minimum percentage rate the employer must
contribute.
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What is Individual health insurance?
Individual health insurance is a type of health
policy an individual purchases for himself and/or
his family. Individual health insurance policies
are often purchased with the guidance of an
insurance agent to help navigate plan choices and
premium costs. Insurance companies may no longer
deny or charge more based on medical conditions
and premium tax credits are available to those
qualify (based on income).
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Cost - Group Health Insurance VS Individual
Health Insurance
The average national annual premium costs for
health insurance with a group health insurance
plan and with individual health insurance were as
follows Cost for Single Coverage Average Group
Health Insurance Plan, 2018 6,896/year Individu
al Health Insurance Plan, 2018 7,452/year
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Why is small business group health insurance
cheaper than individual health insurance?

• There are a few reasons why small group health
  insurance usually ends up costing less per person
  than individual plans.
• Employer contributions.
• Tax benefits for employees.
• Tax benefits for employers.
• Risk pool advantages.

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Reason why cost is less per person
Employer contributions For employees, a clear
reason for affordability of group plans is that
their employer generally pays for at least half
of the premium.
Tax benefits for employees In addition to
benefitting from employer contributions,
employees are usually paying for their part of
the premium with pre-tax money, which can add up
to significant savings.
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Reason why cost is less per person
Tax benefits for employers As an employer of a
small business, dont think that all the burden
of health insurance will fall on you though.
There are definite perks to being a small
business owner and providing small business group
health insurance. You will likely pay at least
fifty percent of the monthly premiums for your
employees, and you may be able to deduct these
costs from your business taxes. In some cases,
you may even be eligible for special tax credits.
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Reason why cost is less per person
Risk pool advantages As the Small Business
Administration explains, the spread of risk
across a group is a fundamental theory of
insurance. High costs of one insured person have
a smaller effect in a larger pool. In other
words, more people are paying to support the few
who use the benefits of being covered to their
full extent.
Of course there are different reasons why plans
cost less or more, and cost will vary from plan
to plan. Call us at the Independent Benefit
Advisors and we can help you find the right
benefit plan for your small business!
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Best Health Insurance Plans NC
The Independent Benefit Advisors are here to
understand your insurance need and help you find
the best individual or group health insurance
plan for you in NC. We serve the entire state
including, Raleigh, Charlotte, Greensboro,
Wilmington, Asheville, Fayetteville, and
everywhere in between. Call us today on
919-303-9690 for Individual or Best Group Health
Insurance Plans NC.
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The Independent Benefit Advisors
Address 1121 Pemberton Hill Rd Apex, NC
27502 Phone [phone] Toll Free (888)
303-9690 Fax [phone] Email ID
john_at_thebenefitadvisors.com Website
Thebenefitadvisors.com Content Source
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