With private insurance, you have the option to purchase insurance policies for individuals or groups of people. Group health plans are typically purchased by businesses and other organizations then offered to the employees or members. We offer group options for business owners. Individual options with several different carriers and plans on the ACA.
Here’s everything you need to know about group and individual health plans.
A group health plan is an employee benefit plan established by an employer or an employee organization, like a union. These plans provide medical care for participants and their dependents directly through insurance, reimbursement, or otherwise.
There are many benefits to group health insurance plans. They have lower costs because the risk of insuring a group is lower than insuring an individual. In many cases, the employer or organization sponsoring the plan will also pay a portion of the premium costs. This makes group health insurance a great benefit to offer employees. They are not allowed to restrict access to coverage based on previous health conditions.
Individual Health Plans are plans that are sold at the individual level. This includes ACA plans and similar private insurance policies. When you purchase individual plans, the rates are determined based on your location and what plans are available. ACA plans are not allowed to restrict access to coverage based on previous health conditions.
To find individual or group health insurance, you must get in touch with an insurance professional. At Duncan Market Insurance, we can help you set up a group health insurance policy or find an individual plan for you and your family. To get started with a free quote, call us today.