Individual VS Group Health Insurance Plan NC by IBA

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Individual VS Group Health Insurance Plan NC
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Pros and Cons of a Traditional Group Health
Insurance Plan V/S Individual Health Insurance
Reimbursement
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What are Individual Health Insurance Plan?
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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What is a Group Health Insurance Plan?
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.
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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
For employees, a clear reason for affordability
of group plans is that their employer generally
pays for at least half of the premium.
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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. 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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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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Better prices might be why smaller groups are
switching to group coverage for the first time
If you have a small business, it will be worth
your time to look into small business health
insurance. Lets see if it can help you and your
employees save on health insurance costs.
Previously, it was common for small business
owners not to bother with group health insurance,
but now many are starting to enroll in these
plans. We know that consumers are looking for
affordable options to traditional individual
health insurance.
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Group Health Insurance Plans North Carolina
Need more information about the cost of
Affordable group health insurance? Give
Independent Benefit Advisors a call today at 1
[phone].
Independent Benefit Advisors