Group Health Insurance

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In order to have a secure life, it is important to ensure that a person has affordable health insurance. In this day and age, not everyone can afford to be hospitalized because of the high cost of medications and diagnostic tests. It is therefore perplexing why despite this, most people continue their habits when they know that in the long run, it is bad for their health. These habits include consuming high-fat, unhealthy foods, which leads to obesity in some people, smoking, excessive alcohol consumption, lack of exercise and use of banned drugs.

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Following a healthy lifestyle does not automatically guarantee that a person will live a disease free life. No matter how well a person takes care of himself or herself, unforeseen things can still happen. The healthiest person you know may wake up the next day feeling dizzy and weak and find out he is a diabetic. People are getting sick every day, but their wages aren’t increasing. Not everyone can afford individual health insurance, but fortunately, some companies and organizations offer group health insurance.

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A group health insurance policy is a policy that covers the medical expenses of many people, not just one person. With a group health insurance policy, all eligible people are covered, regardless of age or medical condition. These types of group health insurance policies are usually more successful. Group members are not scrutinized as much as those with individual health insurance plans.

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The advantages of group health insurance include lower costs because the company can afford to offer low rates due to the number of people enrolled in the plan. Many private employers also offer group health insurance. There are no medical exams or medical history forms to complete.

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In group health insurance, maternity coverage is readily available to the insured. It also ensures that all employees of the business have a health insurance plan. Even those who have been dropped from individual health insurance plans can apply for a group health insurance plan. These people are usually those with pre-existing medical conditions.

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The disadvantage of group health insurance compared to individual health insurance plans is that their health care policies are not customized and the insured gets the same policy that his group gets. Unlike individual health insurance plans, the insured is not free to include or exclude provisions in the group health insurance. Options are also limited because group health insurance plans are designed for the group as a whole, not just for a specific individual. The insured in such a group health insurance plan cannot choose the terms of the group health insurance policy. If a person quits and moves to another employer, he also loses his group health insurance plan. Recently, there have been some new group insurance plans that are transferable to other employers, but this is not the norm.

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In contrast to group health insurance plans, individual health insurance plans provide individuals with a policy that meets most of their requirements and needs. These plans are customized and also more expensive than group health insurance. A group health insurance plan may offer more universal coverage to the insured, but it is also more affordable.