We often get clients who are confused about what qualifies as group insurance and individual insurance. We at Cosmo Insurance have extensive knowledge of the different types of insurance you are eligible for.
A group health insurance plan, is purchased by the employer and offered to eligible employees in the company. The employer selects the health insurance plan provided to the employees. The employer sometimes contributes towards the employee’s premiums, but the amount is different for each company.
Open enrollment for group insurance is at the time of their renewal. For example, let’s say a group’s renewal is February 1st then their open enrollment will be the first of February every year.
However, once a year during Open Enrollment, businesses can enroll in a new plan with just one employee enrolling with no participation requirements. That means you can have 1 out of 40 employees enrolling!
Group health insurance is one of the many benefits that employers offer, they are uniform plans, and the same benefits are offered to all employees or persons of the group. Group plans usually cost less for participants than individual plans that provide the same benefits.
Individual health insurance, also known as Personal Plan, is coverage you purchase for you or your family. The plans are typically more expensive than getting coverage from your employer. With a personal plan, you choose whatever insurance company and plan you want that fits your needs. You can only switch plans during the open enrollment period, usually from November 1st through January 31st. Your health insurance plan is not connected or tied to your job, so you won’t lose your insurance coverage if you leave your position or get fired.
If you are looking for individual coverage or a business owner waiting to enroll your employees in a new health insurance plan, mark your calendars, Open Enrollment starts November 1, 2021.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
