Freehold, New Jersey
4400 US Hwy 9 S. , Suite 3300
Freehold, NJ 07728
732-972-1771

Understanding the Differences Between Group & Individual Health Insurance September 13, 2017

Freehold, Monmouth County
Understanding the Differences Between Group & Individual Health Insurance, Freehold, New Jersey

Health insurance can be complicated, especially when you're trying to understand different plans. As health care costs rise, it's important to find suitable coverage for your needs. The experts at NorthEast Insurance Services in Freehold, NJ, share that one of their most frequent questions deals with understanding what sets group and individual plans apart. Here, they explain the similarities and differences between the two policies.

Policy Differences 

Group

When you work for a company that offers insurance, you become a group policyholder. Group health care is usually less expensive to the insured because the employer is required to pay a portion of the premium. Companies also provide access to, but do not pay for, dependent coverage. Group health insurance policies are usually managed by an administrator or an insurance agent, so the employee is not responsible for handling enrollments or policy changes. Additionally, insurance premium payments are automatically drafted out of your paycheck.

Individual 

Health Insurance "Individual" is a bit of a misnomer, as families are also eligible under these plans. These programs are available to people whose jobs do not provide group health care coverage. When you choose an individual policy, you are solely responsible for the entire premium payment, choosing your insurance products, and making changes to your plan. Additionally, if your income falls below a defined threshold, you could receive assistance to pay for your policy.

Policy Similarities

Regardless of your policy, your plan is required to cover basic health care laws as outlined by the Affordable Care Act. These rules include language regarding pre-existing conditions, maternity care, and prescription drugs. For detailed information, it's best to consult a professional insurance agent.

Both plans provide policyholders with essential health insurance coverage, even though there are several differences between them. The team at NorthEast Insurance Services is committed to helping you understand how to get the most coverage for your budget. With over 30 years of experience, they’ve earned the trust and respect of Freehold residents when it comes to their insurance needs. To find out more about health care plans, call (732) 972-1771 or visit online.

Other Announcements, Events and Deals from NorthEast Insurance Services
Cyber Liability Coverage, Freehold, New Jersey
Think you’re immune from a cyber attack? Think again. Here are a couple of stats that will keep you up at night, whether you're a Fortune 500 company, or a small or medium sized org...read more
When Disaster Strikes Your Wedding... , Freehold, New Jersey
Though you might not want to think about it, you have the possibility of a disaster striking your wedding day. From a sudden cancellation to stolen gifts to a possible damaged gown. ...read more
Do you Know What to do in the Case of a Fire?, Freehold, New Jersey
Consider this scenario: It’s 2 o’clock in the morning, you and your family are fast asleep when you awaken to the smoke alarm sounding and the smell of smoke. What do you do? If you ...read more
Child Passenger Safety Week: Safety Tips, Freehold, New Jersey
Drivers on the road, especially in New Jersey, face a lot of distractions. Common distractions for any driver on the road are aggressive drivers, weather conditions, and technology. ...read more
How to Reduce Workplace Injuries, Freehold, New Jersey
Having good safety practices and tips at work is the number one way to reduce Workers Compensation costs. Safety should be part of every aspect of your business and that does not mea...read more