Group Health Insurance
Group health insurance has become more expensive than individual health insurance in recent years. In fact, individual health insurance is about thirty percent cheaper than group health insurance coverage in today’s market. The reason is due to risk and how many people can spread that risk.
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Group Health Insurance Plans
In group health insurance risk can only be spread so far and this is why the premiums are higher. Lets use a twenty person employee group of all single people for example. With twenty employees, the risks and claims that occur in that companies group health insurance plan can only be assessed amongst those twenty people. Therefore, the premiums will rise with any claims because there is not enough people to spread the risk.
With any single claim the premium will sky rocket as we all have seen in recent years. The renewals are outrageous averaging fifteen percent. The solution is to move all the healthy people to an individual health insurance plan and leave the sick people who do not qualify for individual health coverage on the group health insurance plan.
Individual Health Insurance
Individual health insurance premiums are so low because instead of twenty people spreading the risk there is now thirty million. Everyone that is on an individual health plan shares the risk. So if the health insurance company has thirty million members the premiums will stay low even though there are claims because there is enough people to spread the risk out upon.
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