Individual Health Insurance & Group Heath Insurance Coverage Elkton MD
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience: 8
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol
Title: Financial Consultant
Company: Landis Financial Services
Investment Advisor Rep: Yes
Michigan State University/ BA
401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,Stock Market Alternative,Medicaid,Retirement Planning,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Ind
Title: President, Wealth Management Advisor
Company: KingdomTrust Capital Management, Inc.
Howard University, Bachelor of Arts
Regent School of Divinity, Candidate: M.DIV
Denver College of Financial Planning
Years Experience: 15
High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD 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,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commi
Years Experience: 10
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Business Succession & Liquidation Planning,Retirement Income Accumulation Planning,IRA, 401k, Roth IRA, QDRO Rollovers,Medicare Planning,Life Insurance,Investment & Portfolio Management,Retirement Income Distribution Planning,Business Income Tax Planning,401k Rollover From Employer,Wealth Management,Health Care Insurance,Retirement Planning,Insurance & Risk Management Planning,Asset Protectio
Owings Mills, MD
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 ...
Maryland State Mandated Health Insurance Coverage
Medical insurance benefits that insurers must provide include: alcohol/drug abuse treatment, Alzheimer's, ambulance services payment, autism, blood products, bone mass measurement, breast reconstruction, cervical cancer/HPV screening, chiropractor, chlamydia screening, cleft lip and palate, clinical trial (cancer), colorectal cancer screening, contraceptives, dental anesthesia, dentist, dependent coverage (including newborns, adopted children, grandchildren, dependent student/adults, disabled dependent adults, domestic partner/civil union), diabetes (self-management and supplies), emergency room service, facility (public or other), family therapist, habilitative service for congenital or genetic defect, hair prothesis, hearing aids (including specifically for minors), home health care, hospice care, HPV vaccine, in vitro fertilization, licensed health professional, long-term care, mammography, marriage therapist, massage therapist, mastectomy minimum stay, maternity (including minimum stay), mental health, morbid obesity treatment, newborn hearing screening, nurse (midwife, anesthetist, practitioner), off-label drug use, optometrist, orthotics, physical therapist, physician assistant, PKU/metabolic disorder, podiatrist, prescription eye drops refills, prostate cancer screening, prosthetics, psychologist, residential crisis service, second surgical opinion, smoking cessation, social worker, testicular cancer minimum stay, TMJ disorder, well child care