Group Health Insurance

People have lost their sanity, at least some of them really have. They are into drug and alcohol abuse, chain smoking, laid back lifestyle and overeating. As a result, obesity and other terminal diseases have become so common these days. To add to the woes, many are not covered under health insurance. If they fell ill, how can they afford the magnanimous costs of hospitals and medications?

There are also scores of people who are not involved in any of the above mentioned ills. They might be very cautious of their health but disaster can strike anytime, anywhere. There is a chance that they might end up in a hospital room suffering from a major disease. Economic crisis has put brakes on salary increase but not on diseases. It's really hard to pay your medical bills especially if you don't earn a lot. To tackle this issue, companies offer group health insurance.

Group health insurance can be defined as a policy which covers the medical dues of a group while only a single person is covered under individual insurance plans. Under group insurance, medical cover is provided to everyone irrespective of their age, physical condition or annual income. The perks also include less surveillance and inspection.

This type of insurance cover entails many benefits but the most important one is its economy. The cost is low as the company can afford to cut rates; more people share the same plan so an insurer can afford it. As mentioned above, medical examination and past medical records are also usually left out. An added bonus for moms is the maternity coverage. Company employees, who have got personal insurances, can also benefit from the group policies.

All is not rosy with group insurance as it comes with some strings attached. As the policy is applicable on a group, personalized health care options are not available. Even if a person wants to change his insurance policy as per his health needs, he can't do that. The group insurance provided by the company will cease to exist if a person quits that organization. However, we are seeing some changes in this regimen. Some companies have started offering group plans which can be transferred to other companies but it is still in initial stages.

If we draw comparisons between the individual and group health insurance, we can't come to a clear decision about the winner. Individual plans give you flexibility and one can tailor them as per his needs. However, they are quite a burden on your pocket. Group plans, on the other hand, are more strict and uniform. They are much cheaper than individual ones and this is their major saving grace.