We often get clients who are confused about what qualifies as group insurance and individual insurance. Cosmo Insurance Agency has extensive knowledge on the different types of insurance you can qualify. A group health insurance plan is purchased by the employer and offered to eligible employees in the company. The employer selects the plan offered to the employees. The premium cost is most likely split between the employer and the employee.
Other group health insurance facts:
-Group health insurance is one of the many benefits offered by employers
-There are uniform plans, the same benefits are offered to all employees or persons of the group
-Group plans usually cost less for participants than individual plans that offer the same benefits
-56% of non-elderly Americans have group health insurance through their employee
There is a big difference in the individual insurance policy. The individual insurance policy includes coverage for you and your family. Individual insurance can be more costly than group insurance. What qualifies as individual health insurance? Individual health insurance is coverage that you purchase for you or your family instead of an employer providing it for you. Some other facts about individual health insurance include:
-You can choose the insurance company & the plan that meets your needs
-You are able to switch plans during the open enrollment period
-Your plan is not connected or tied to your job
-You can change jobs without losing your coverage
| Comparing Plans | Individual | Group |
| Purchasing Plan | Employee | Employer |
| Ability to choose plan that has you preferred doctors & hospitals | Yes | Limited |
| Coverage remains with you if you change jobs | Yes | Limited |
| Premiums can be paid on a pre-tax basis | No | Yes |
| Premium costs are subsidized/shared | Buyers may be eligible for government subsidies | Employers may pay a cut of premiums |
When you reach out to Cosmo, we spend all the time necessary to determine what your needs and priorities are. We are independent and offer plans from a large spectrum of reputable carriers. We explain your options in great detail and clarity– down to the fine print – so that you can choose a plan that will satisfy you for the long term.
Phone: 732-363-3888
Email: info@cosmoins.com
