If you already belong to a group health insurance Georgia plan, you are one of the few set up with good coverage. There are many advantages to belonging to a group health insurance Georgia plan. The main one is that often, the employer helps pay or at least subsidize the monthly premiums. This is usually done as part of your compensation salary package. Who doesn’t appreciate having a portion of their group health insurance Georgia plan premiums paid for? This is done so that employers can attract, and keep, good, reliable, loyal employees. Providing group health insurance Georgia plans to their employees is one of the ways in which businesses try to gain high quality employees. Many individuals have come to expect getting benefits through their employers, and getting coverage for all of their families through an employer provided group health insurance Georgia plan is one of them.
A second advantage of a group health insurance Georgia plan is that insurance companies are not allowed, by federal regulations, to deny coverage to anyone, regardless of their current health. This even includes pre-existing conditions, although there may be a waiting period for benefits, under certain circumstances. So, if an individual who has diabetes, or has had treatment for cancer in the past, for example, applies for an individual health insurance Georgia plan, it is quite likely that they will be denied enrollment. However, if that individual is a full-time employee of a business that offers a group health insurance Georgia plan to their employees, then the insurance carrier has to approve their application, and provide coverage and benefits. This is invaluable if you, or someone in your family, have a chronic illness or medical condition that tends to result in denial from insurance carriers.
What if My Group Health Insurance Georgia Policy is Not Paid For by Your Employer?
Of course, your group health insurance Georgia plan monthly premiums may not always be paid for by the business owner. In today’s economy, many employers have had to ask employees to help pay for part of their monthly premiums, or maybe even all of the premium costs, because profits are down. If that is the case, then an individual employee may want to compare individual health insurance Georgia policies to their current group health insurance Georgia plan. Premiums for group health insurance Georgia plans are higher than similar individual policies because the insurance company has to accept more high risk members, due to the above-mentioned federal regulations. Because they can deny high risk members on individual health insurance policies, their premiums are therefore lower. Of course, this depends on your own, and your family members’, health condition. If you are not currently healthy, then you may not get approved for an individual health insurance policy, or your premium may be really high and your plan may include a lot of exclusions or waiting periods. If you are currently in excellent health, however, then you may save a lot of money by purchasing an individual health insurance plan, rather than paying the high monthly premiums of a group health insurance Georgia plan through your employer.
So, if your employer provides group health insurance Georgia coverage as part of your compensation package, you are in good shape. But if you have to pay the premiums for a group health insurance Georgia plan, then you may want to consider purchasing an individual health insurance policy, and compare the costs to see if there is a cheaper option.
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