There are several insurance policies available in the market for individuals as well as businesses and a person chooses according to his preferences. The main two categories of insurance are group health insurance Virginia and individual health insurance. Most people think that both of them do not have any major differences, but in reality, there are several things to consider and compare before you choose an insurance policy, especially if you are a business.
Comparison between individual health insurance and group health insurance Virginia:
- Cost: Group insurance plans generally cost less as compared to individual ones and hence it serves as a benefit to small and medium-sized companies. There is no or low cost for insurance to be paid by the employee. The employee would pay additional fees only if he opts for any sort of additional benefits that are not included in the plan chosen by the employer.
- Control and convenience: Individual might be denied an insurance for several reasons, but in a group insurance there is no such hassle and hence it is much more convenient. In individual insurance plans, the medical history of the individual is properly examined, while in group health insurance plans, there is no such requirement. Thus it is much more convenient to obtain and easy to manage. But in the individual plan, you get the freedom to choose and set the policy terms according to your own preferences.
- No claim bonus: if you are a part of a group health insurance and you do not make a claim in the entire tenure of the policy then you do not get any benefit. On the other hand, you get a no claim bonus in case of an individual policy. This is a kind of reward that you get for being healthy and fit.
- Applicability: The group plans are only applicable for the employees of a company and once you change the organization then you will not have insurance coverage for yourself. On the other hand, the individual plans are applicable at all times no matter what job you do.