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Health insurance is a coverage that will pay for the medical expenses of an insured individual. This is an investment because an individual will be able to pay for any medical expenses in case that they get ill. Due to this, many individuals are taking health insurance so that they wouldn’t worry in case they get sick. Usually, the health coverage is provided through government sponsored social insurance program. This type of insurance can be purchased by an individual or by group.

Group Health Insurance

There are different pros and cons with the type of health insurance that you will avail. Usually, the company provides the group health insurance where you work. Furthermore, the registration to this kind of insurance is simple and easy. Usually, you only need to provide information such as your name, address, and any contact numbers. Moreover, you will also need to provide the name of your dependents. In addition, your employer can cancel the group insurance if you are terminated from your work. This means that you will not be covered in case you get ill.

Individual Health Insurance

On the other hand, individual health insurance is permanent unlike the group insurance. This means that you will still have coverage in case you are laid-off from your work. Furthermore, there are more options for you if you avail an individual health insurance. You can opt from different insuring companies unlike the group health insurance that will insure you on one company. On the other hand, if you opt for an individual insurance, your coverage can be void in case you don’t pay the insurance premiums on the designated time. The insurance can also be void if the information you gave at the insurance company is falsified. Furthermore, the processing of an individual health insurance is lengthy and there is no guarantee in its approval.

Why Opt For Group Health Insurance

There are different reasons why it is best to avail insurance with a group. Besides the fact that availing a health insurance is guaranteed, you are also sure that the annual rate of the insurance has a guarantee. Furthermore, the company where you work will cover most of the premium in your health insurance. There are also cases when you don’t have to pay anything at all because the company will cover the whole expense for the premium of the group’s insurance.

The Edge of Having a Group Health Insurance

You are entitled to a group insurance even if you have an existing illness or have a history of an ailment. In contrast to an individual insurance, you will be able to avail a health insurance without any testing. You will only need to inform the insurance company about your health status.

Furthermore, it is best to avail a group health insurance especially if you have a stable job and that the company where you work provides full coverage of the insurance. Once, you are retired or that you get ill while in service, you will be covered by the health insurance that the company will provide for you.

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