It is required by the law for employers to give their employees some sort of medical and health coverage to answer for any health concerns they might have. These plans, commonly referred to as group insurance, are a generic formula that an insurer provides to give employees of a certain company at least the minimum coverage requirement. While some people might think that getting insurance from their employer might seem like enough already, there are those who seek individual health insurance plans from companies like newjersey-insurance.net to further optimize their coverage to fit their needs. Wondering what the differences between group and individual medical insurance in New Jersey are? This simple list should give you a better idea.
The Differences Between Group and Individual Medical Insurance in New Jersey
- Individual Insurance is More Personalized – You have to keep in mind that when your employer purchases insurance for his employees, they might not take each and every single one of you into account. This means the insurance you get might not be the perfect one to fit your needs or preferences. Oftentimes, an employer will only avail of coverage that meets or satisfies the minimum requirement that the law mandates them to avail for their employees. That said, there might be some medical services and expenses that will not be covered by a group insurance plan. If you choose to avail of individual medical insurance in NJ, you can personalize the coverage, the cost, and the other specifics of the policy to better fit your needs.
- Group Insurance can be Affected by Employment Changes – Let’s say you shifted from a full time shift to a part time shift because of certain personal decisions. You can expect that your employer-granted medical insurance will take a significant blow. When there are changes to your job, your assignment, your work schedule, and even your employment status, your group health insurance will also have to see a few changes. This is because your group health insurance isn’t tied to you, but to your job.
- Employers Will Pay for Part or Whole of the Premium – When you get your insurance plan from your employer, they will pay a large chunk of the premium. This means you can enjoy the benefits of health coverage without having to shell out too much from your own pocket to meet the monthly premium rate. Some employers will pay for the premium partially and then cover the rest of the expense straight from your paycheck, or they can pay for the premium all together. It depends on your employer’s rules and regulations, so you best look into those and ask around to find out more about the payments being made.