With rising costs in the insurance industry and the price of insurance is being passed on to the consumer more and more these days. The reality is, it is hard to get good care if you do not have insurance but insurance can be very costly. If you work for a company that offers insurance to its employees, you might want to look at the benefits and the cost versus buying private insurance. There are some things about group benefits that make them appealing but compare the benefits closely. What look cheaper may have hidden costs that will make it more expensive in the long run.
How Group Benefits Work
When you are part of the group, your payment into the group is what funds the insurance in part. The idea is that when you insure a large group, the insurer lets the liability spread over the group. Since the odds are good that most members of the group will use the insurance over the time, they have it. In fact, they are counting on it, but when a benefit is paid out, the cost comes from profits made off the entire group.
Paying For Your Insurance
The cost of a group policy can be cheaper, and in some cases, the employer will pay that cost for you. Some will pay half or some other percentage and ask you to pay the remaining part of the plan either out of your pocket or through payroll deduction. In some cases, you may have tier options to choose from, and the cost can change but the benefits will also be different so take a close look before you lock in your insurance plan option.
Using Your Group Insurance Plan
When you are ready to use the benefits you have selected, you need to be sure that the doctor you will be seeing takes the insurance you have. Not all doctors work with every insurance plan and in some cases, seeing a doctor that is not part of the network set up by the insurance company can result in limited or no coverage for procedures or visits so be sure to check before booking appointments.
When you are ready to participate in the group insurance plan offered to you, be sure you understand the coverage and the way it works. If you need family coverage make sure you let the insurance administrator know so they can get you the proper enrolment forms and the price for the family coverage. Keep in mind, the change in cost is normal but is typically a little cheaper per person than single coverage because more people adds to that group plan. Bottom line is if you are not sure what you want or need, ask questions so you get insurance you can use when you need it.
Contact a company like NFP, P & C, Inc. for more information and assistance.