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Group Health Insurance VS Individual Health Insurance

Group Health Insurance VS Individual Health Insurance

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Group Health Insurance VS Individual Health Insurance

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  1. Group Health Insurance VS Individual Health Insurance NC

  2. What is Group Health Insurance? Group health insurance coverage is a type of health policy purchased by an employer and offered to eligible company employees and their dependents. Currently, more than half of working Americans have group health insurance coverage through their employer, or the employer of a family member. With group health insurance, the employer selects the plan (or plans) to offer to employees. The premium cost is often split between the employer and employee, and there is a minimum percentage rate the employer must contribute.

  3. What is Individual health insurance? Individual health insurance is a type of health policy an individual purchases for himself and/or his family. Individual health insurance policies are often purchased with the guidance of an insurance agent to help navigate plan choices and premium costs. Insurance companies may no longer deny or charge more based on medical conditions and premium tax credits are available to those qualify (based on income).

  4. Cost - Group Health Insurance VS Individual Health Insurance The average national annual premium costs for health insurance with a group health insurance plan and with individual health insurance were as follows: Cost for Single Coverage Average Group Health Insurance Plan, 2018 – $6,896/year Individual Health Insurance Plan, 2018 – $7,452/year

  5. Why is small business group health insurance cheaper than individual health insurance? • There are a few reasons why small group health insurance usually ends up costing less per person than individual plans. • Employer contributions. • Tax benefits for employees. • Tax benefits for employers. • Risk pool advantages.

  6. Reason why cost is less per person Employer contributions – For employees, a clear reason for affordability of group plans is that their employer generally pays for at least half of the premium. Tax benefits for employees – In addition to benefitting from employer contributions, employees are usually paying for their part of the premium with pre-tax money, which can add up to significant savings.

  7. Reason why cost is less per person Tax benefits for employers – As an employer of a small business, don’t think that all the burden of health insurance will fall on you though. There are definite perks to being a small business owner and providing small business group health insurance. You will likely pay at least fifty percent of the monthly premiums for your employees, and you may be able to deduct these costs from your business taxes. In some cases, you may even be eligible for special tax credits.

  8. Reason why cost is less per person Risk pool advantages – As the Small Business Administration explains, the spread of risk across a group is a fundamental theory of insurance. High costs of one insured person have a smaller effect in a larger pool. In other words, more people are paying to support the few who use the benefits of being covered to their full extent. Of course there are different reasons why plans cost less or more, and cost will vary from plan to plan. Call us at the Independent Benefit Advisors and we can help you find the right benefit plan for your small business!

  9. Best Health Insurance Plans NC The Independent Benefit Advisors are here to understand your insurance need and help you find the best individual or group health insurance plan for you in NC. We serve the entire state including, Raleigh, Charlotte, Greensboro, Wilmington, Asheville, Fayetteville, and everywhere in between. Call us today on 919-303-9690 for Individual or Best Group Health Insurance Plans NC.

  10. The Independent Benefit Advisors Address: 1121 Pemberton Hill Rd Apex, NC 27502 Phone: (919) 303-9690 Toll Free: (888) 303-9690 Fax: (919) 303-9691 Email ID: john@thebenefitadvisors.com Website : Thebenefitadvisors.com Content Source: https://www.thebenefitadvisors.com/questions-for-small-business-group-health-insurance/

  11. (919) 303-9690 (888) 303-9690