Your health is integral to maintaining your overall wellness and enjoying quality of life. However, maintaining your health may sometimes require significant financial resources. Even if you live a safe and responsible lifestyle while minimizing risks, you may eventually need to manage illnesses, injuries and other health conditions. During these difficult times, adequate health insurance may make all the difference in ensuring you can access necessary medical and preventive services.
What Is Group Health Insurance?
Health insurance comes in many forms, and the details of policies may vary significantly. One of the most common ways to access coverage is through a group health insurance plan. These arrangements may often be made available through your employer as part of their employee benefits packages. Eligibility typically depends on payroll, meaning that if you are a temporary employee or must take unpaid leave, you may not be able to acquire or maintain coverage. Group health plans also require a certain percentage of eligible members to elect coverage to remain active.
Group health insurance plans may include several advantages, including financial incentives for you and your employer. Because risk in a group health plan is spread across several parties, your insurer can generally offer lower rates to members. Furthermore, you may be able to enjoy lower taxable income due to your premiums being taken out prior to calculation. Your employer can also report any contributions they make to your premiums as tax-deductible.
Many group health plans may also offer coverage to members’ spouses and dependents, meaning that you may be able to acquire coverage for your family for lower prices than you might find on the open marketplace.
What Is the Difference Between Group and Private Health Insurance?
Private health insurance refers to plans other than those sponsored by the government (e.g., coverage available on the HealthCare.gov marketplace, Medicare and Medicaid). As their name suggests, these policies are purchased through the private health insurance industry and remain the most common source of coverage across the United States. The private health insurance sector typically includes employer-sponsored group health plans while also offering policies to individuals and families who might not have coverage through their work.
Get the Right Coverage
Regardless of how you do so, acquiring and maintaining adequate health insurance for you and your loved ones is an essential investment. Without sufficient coverage, even a single incident may incur devastating financial ramifications that could jeopardize your financial wellness and impact your long-term aspirations.
The Laymon Group Benefit Consulting provides families, individuals and businesses in the Wilmington area with cutting-edge services and optimal insurance and employee benefits options. Our knowledgeable and experienced agents will work with you to analyze your circumstances, identify your needs and ensure ideal coverage. Visit our website or call 800-467-2259 to get started today.