Individual Health Insurance & Group Heath Insurance Coverage Corvallis OR
Company: Fee-Only Financial Planner ("No Commissions")
Registered Investor: Yes
Oregon State University
Years Experience: 6
Wealth Engineering,Income for Life/ Preserve Principal,Medicare Planning,Investment & Portfolio Management,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Portfolio Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Pl
Title: Investment Advisor
Company: Armstrong Wealth Management
Pension for Highly Compensated Owners,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Medicaid,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),
La Pine, OR
Title: LPL Financial Advisor
Company: Meridian Financial Group
Investment Advisor Rep: Yes
401k Rollover From Employer,CD Alternative,Disability Insurance,Annuities,Long-Term Health Care Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Stock Market Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Health Care Insurance,Retirement Planning,Business Succession & Liquidation Planning,Retirement Income Dist
La Pine, OR
La Pine, OR
La Pine, OR
Individual Health Insurance & Group Heath Insurance Coverage
What's the Difference between Group Health Insurance and Individual Health Insurance?
It's always you who is healthily insured (this includes your family, as long as you purchase the right coverage). However, you can be healthily insured as part of a group. This is group insurance. The advantage is that, as part of a group, the risk to the health insurance company is spread over the group. Normally, this means that you pay less than what you would pay for individual health insurance. That's why group health coverage is so popular.
So, with group health insurance you are still covered as an individual (or family), but the risk to the health insurance company is spread around the group. However, another reason, that health insurance is usually cheaper, is that a group guarantees the health insurance company more business. Anything that reduces their risk or increases the amount of money they collect in premiums means savings to you.
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Even for very tiny groups, group health insurance policies are often subject to different rules, are more competitive and offer lower prices than individual health insurance policies. As a member of a group, the health insurance company basically considers you 'pre-qualified' and that reduces their risk.
For instance, if you get health insurance through your job that means you are healthy enough to work. For a health insurance company, this is a big plus. They can afford to offer you a lower premium because you are less likely to cost them as much money. Unfortunately, if you are applying for health insurance on your own the health insurance company doesn't have that same assurance - and so the premiums you pay will reflect this.
So, it's well worth it to find a group - whether it is through an alumni association, a trade association or through a professional association. You can also consider the American Association of Retired Persons if you are over 50 and trying to get health insurance. They offer an excellent plan.
Note that even some credit card companies will offer health insurance group coverage.
If you have ...
Oregon State Mandated Health Insurance Coverage
Medical insurance benefits that insurers must provide include: alcohol/substance abuse, acupuncturist, ambulance transportation and services, anti-psychotic drugs, autism, autism spectrum disorder, bilateral cochlear implant, brain injury, breast reconstruction, cervical cancer/HPV screening, chemotherapy, chiropractor, clinical trial (cancer), colorectal cancer screening, contraceptives, dentist, denturist, dependent coverage (including newborns, adopted children, noncustodial children or stepchildren, dependent students/adults, domestic partner and civil union), diabetes (self-management and supplies), emergency room service, facility (public or other), family therapist, hearing aids for minors, HPV vaccine, long-term care, mammography, marriage therapist, mastectomy, maternity (including minimum stay), mental health, nurse practitioner, off-label drug use, optometrist, orthotics, physician assistant, PKU/metabolic disorder, preventive health services, prosthetics, prostate cancer screening, psychologist, smoking cessation, social worker, telemedicine, including services provided in connection with the treatment of diabetes