Individual medical insurance policies can help people avoid being faced with high payments for medical bills and are an excellent alternative to group insurance plans for many individuals and smaller employers.
At Business Benefits Group (BBG), our comprehensive offering of medical insurance policies can provide coverage for medical costs such as:
- Emergency room visits
- Outpatient care
- Inpatient hospital care
- Lab tests
- Preventive screenings
Our plans offer reasonable deductibles and copayments as part of our goal to help make medical coverage more affordable for everyone.
The Benefits Of Individual Medical Insurance Coverage
Why is individual medical insurance coverage so valuable? Here are some of its main benefits.
Many traditional group plans have strict requirements that individuals or the small and medium-sized businesses offering them may struggle to meet. For example, there may be a minimum number of employees that must enroll in a group plan. For smaller businesses with employees who may already be on a spouse or parents’ plan or do not choose to get coverage, it may be difficult to meet minimum participation requirements.
In addition, many group health insurance plans require a minimum contribution, such as 50% of employees’ premiums. Businesses that are unable to meet this minimum cannot offer the group plan. Reimbursing employees for individual medical insurance policies through a Health Reimbursement Arrangement (HRA) can provide much greater flexibility, allowing businesses to contribute what they can afford and offer benefits to any number of employees.
Employees will lose their health insurance coverage under group policies if they change jobs, but with individual policies, they can bring their coverage with them if they leave the company.
Reimbursing employees for individual medical insurance using an HRA enables employers to provide a formal health benefit that gives employees more control over their healthcare and provides coverage that is not dependent on their employment.
A group health insurance policy does not provide individual employees with any input into the type of coverage they need. Instead, it places everyone into a one-size-fits-all policy with little to no control over their premium cost, network or coinsurance.
When you purchase individual medical insurance, or if your company offers employees reimbursement for these plans, each person can select a plan that is tailored to their needs and budget and may even work with their preferred healthcare providers. Those who feel they need additional coverage can choose more comprehensive plans.
Medical Insurance Policies from BBG
At Business Benefits Group (BBG), our team understands the complexity of selecting a health insurance policy. We can create individual plans that cover everything from sickness and injury to preventive care, from the most basic plans to top-tier coverage. With strategic use of coinsurance, copayments and deductibles, we can help you find the right balance between affordable premiums and comprehensive coverage.
Get Individual Medical Insurance Today
Whether you are an individual looking for healthcare coverage that extends beyond that offered by your employer, or a company that prefers to offer employees reimbursement for individual medical insurance, our team can help you find an effective solution. Call us at (844) 201-3609 or contact us online today to learn more.