Individual VS Group Health Insurance Plan NC by IBA

Sep 27, 2019 | Publisher: Independent Benefit Adviso | Category: Other |   | Views: 2 | Likes: 1


Individual VS Group Health Insurance Plan NC Pros and Cons of a Traditional Group Health Insurance Plan V/S Individual Health Insurance Reimbursement What are Individual Health Insurance Plan? Individual health insurance is a type of health policy an individual purchases for himself and/or his family. Individual health insurance policies are often purchased with the guidance of an insurance agent to help navigate plan choices and premium costs. Insurance companies may no longer deny or charge more based on medical conditions and premium tax credits are available to those qualify (based on income). What is a Group Health Insurance Plan? Group health insurance coverage is a type of health policy purchased by an employer and offered to eligible company employees and their dependents. Currently, more than half of working Americans have group health insurance coverage through their employer, or the employer of a family member. With group health insurance, the employer selects the plan (or plans) to offer to employees. Why is small business group health insurance cheaper than individual health insurance? There are a few reasons why small group health insurance usually ends up costing less per person than individual plans. Employer contributions – For employees, a clear reason for affordability of group plans is that their employer generally pays for at least half of the premium. Tax benefits for employees – In addition to benefitting from employer contributions, employees are usually paying for their part of the premium with pre-tax money, which can add up to significant savings. Tax benefits for employers – As an employer of a small business, don’t think that all the burden of health insurance will fall on you though. There are definite perks to being a small business owner and providing small business group health insurance. You will likely pay at least fifty percent of the monthly premiums for your employees, and you may be able to deduct these costs from your business taxes. In some cases, you may even be eligible for special tax credits. Risk pool advantages – As the Small Business Administration explains, the spread of risk across a group is a fundamental theory of insurance. High costs of one insured person have a smaller effect in a larger pool. In other words, more people are paying to support the few who use the benefits of being covered to their full extent. Of course there are different reasons why plans cost less or more, and cost will vary from plan to plan. Call us at the Independent Benefit Advisors and we can help you find the right benefit plan for your small business! Better prices might be why smaller groups are switching to group coverage for the first time If you have a small business, it will be worth your time to look into small business health insurance. Let’s see if it can help you and your employees save on health insurance costs. Previously, it was common for small business owners not to bother with group health insurance, but now many are starting to enroll in these plans. We know that consumers are looking for affordable options to traditional individual health insurance. Group Health Insurance Plans North Carolina Need more information about the cost of Affordable group health insurance? Give Independent Benefit Advisors a call today at +1 (919) 303-9690. Independent Benefit Advisors

Pros and Cons of a traditional individual group health insurance plan vs. individual health insurance reimbursement for Small Businesses. We are a leader in employee benefit management and will develop effective affordable benefit solutions for your company in Cary, Apex, Raleigh, Durham, Charlotte, Wilmington, Greensboro or another North Carolina location. For more information you can call us at (919) 303-9690 Monday to Friday between 10 AM to 5 PM or visit us at

About Independent Benefit Adviso

Independent Benefit Advisors (IBA) is one of the best leading Insurance Brokerage Agency for helping families in Apex, Raleigh, Durham, Charlotte and surrounding North Carolina. We are an independent insurance brokerage/consulting firm with extensive experience helping individuals and businesses. IBA is a local, family-owned business that is the professional top company in the region. We specialize in individual and employer group plans, Small Group Health Insurance, Group Benefits, including Medicare etc.


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