When you work a 9-to-5 job, you typically receive insurance offers through your employer. Depending on your job duties, you may have group health or auto insurance. Something to think about is whether that insurance is good enough and if you can get it cheaper if you buy it on your own. The quick answer to those thoughts is "no." Working in a group affords you many benefits you simply can't get if you go it alone.
Is Individual Insurance Cheaper?
Usually, individuals can't get insurance cheaper than those who look for group plans, because they don't get the added benefit of an employer paying into the plan and covering parts of the plan. Your employer will take the cost of insurance out of your paycheck, but he will also usually match your contributions. While the insurance does come out of your paycheck, the benefit is that you don't have to remember to pay for insurance on your own or go through the healthcare marketplace to get an insurance plan. Buying insurance on your own can be complicated, so allowing your employer to do the work can be a huge benefit.
Is Individual Insurance Better?
Individual insurance isn't usually better than group insurance. This is because a group plan can be negotiated to provide many services that individual plans won't at a rate that you can't get on your own. With health care the way it is today in America, you can apply on your own, but you may find that your insurance options are incredibly expensive for what you get. You might end up paying hundreds a month and not even have prescription coverage. That's why an employer's plan is something you should take a look at.
A benefit of buying your own insurance is that you're able to choose the plan you want, but employers may offer you a variety of options or levels of insurance depending on how much you want to spend out of your paycheck. Employers generally offer one company's plan with several levels depending on how much you want to pay.
These are just a few things to think about; group plans could save you money, time and give you better benefits than you can access on your own. Whether you're looking to spend more or don't have a lot to invest in insurance, your employer may offer a plan, such as from NFP, P & C, Inc., that fits the needs of your family and you.
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