Individual Health Insurance vs. Group Health Insurance

Specific health insurance is very different from group health insurance in some values. Many people have experienced group health insurance from a sizable corporate group plan and that is everything that they have ever known. Many have never got to actually select between different insurance companies and various health plans as all the decision making was done with them by their employer. Here are a few quick things to keep in thingking when looking for specific health insurance. bupa insurance thailand

The underwriting for individual health insurance is different than the underwriting for group health insurance.

This is great news if you, your spouse and kids are healthy as individual medical insurance rates are much less expensive than the usual comparable group health insurance plan. It could be a cause for concern if you have some medical issues in your past as there is the opportunity that the application form will be declined scheduled to what is called “pre-existing conditions” in your medical history. Most specific health insurance companies look back into your health history heading back about twelve years. If the software is on a completely underwritten basis and there are major health concerns such as cancer, diabetes, cardiovascular system disease, etc. then the application will be dropped. (What do you do at this point? Make certain you keep your current coverage and elect COBRA benefits or any type of other form of extension coverage and when that coverage expires you will want to look for a HIPAA eligible health insurance plan).

Individual health insurance is much more affordable than group health insurance.

Think of it kind of like; in specific medical insurance the insurance company gets to select who they will extend coverage too. They choose those who find themselves healthy and have the lowest risk to the company. Therefore, the rates are much lower than in a group health insurance plan where no matter who applies for coverage, whether healthy or unhealthy, they are offered coverage (and of course everyone that is bad wants health insurance – this principle is called the law of unfavorable selection if any excellent technical people just love knowing the actual name of insurance principles). The best way to think about it is if you are healthy and on a group health care insurance plan then you are in a sense subsidizing the expense of each of the bad people on the group health insurance plan.

Receiving quotes for individual health insurance is very easy.

Obtaining group health insurance online quotes is sometimes a long drawn away procedure for filling out a census form with all of the employee information and other administrative time consuming tasks. With the ease of the Net and the simplicity of individual health insurance rates all it will require is a few occasions to enter in basic health care insurance information and you could view individual health insurance rate quotes online.