Individual Health Insurance VS Group Plans – Comparing this Type of Insurance

Author:Shelden SmollanChief Experience Officer
Shawn Redford
Reviewed by:Shawn RedfordChief Business Development Officer
28 February 2022
5 Minute Read

Our experts compare Individual health insurance and group health insurance. You will learn the pros and cons of each.

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What is Health Insurance?

Health insurance can help to pay for healthcare related expenses that aren’t covered by the territorial or provincial governments. This can include payment for specific medical equipment and devices, some prescription drugs or dental expenses. Some forms of practitioners such as physiotherapists and others. It can also help to cover claims for emergency medical care when traveling.

With an individual health insurance policy you can be reimbursed for eligible health related expenses. This can help you lower your risk of high costs resulting from an accident or illness. An Individual health insurance plan helps cover expenses that the government doesn’t.

What is a Group Health Insurance Plan?

Group Health Insurance is sometimes offered by your employer. A Group Health Insurance Plan or Group Health Policy can cover things like hospital, vision care, dental care, certain prescription drugs, paramedical care and even the service of an ambulance.

Some of the benefits of having Group Health Insurance is that it helps protect employees and even their family’s health and well-being. It relieves the financial burden if something happens to them healthwise and employees costs are reduced when compared to individual health insurance plans. These benefits can also have a Life, Critical Illness and Accident insurance component to them.

Group health insurance plans are a great way to boost morale with your employees, it is also a good way to retain employees. Experior offers fantastic rates for employers and can walk you through some options that will have you excited to offer this benefit to your staff!  Speak to us today to find out what we can offer you. There is very little that is as beneficial to your employees as an employer sponsored health insurance policy. Especially for those staff who have children or pre-existing conditions.

What is Individual Health Insurance?

Where employee group benefits are unavailable, An individual health plan will provide coverage on components of health care that you deem important. Covering things like vision care, dental care, hospital care and more. An individual plan may also cover some pre-existing conditions but it may be more costly. You can choose to have insurance coverage in such plans or you can choose to have more limited coverage to keep the costs lower.

Having an individual plan means that if you change jobs your coverage will still be the same and it gives you more control over your healthcare and premiums. It’s a good way to cover unexpected and routine medical expenses.

Is Group Health Insurance Better than an Individual Health Insurance Plan?

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It depends on what is covered and how long you plan to stay within that organization. Some group health plans cover a plethora of items while others are a bit more modest. It all depends on the company you work for and what they decided they could afford. Small businesses may offer limited group health insurance while larger companies may offer more comprehensive coverage for their employees. Your employer may pay at least 50% of your group health insurance benefit cost. Many employers may pay all the cost of the plan while sharing in coinsurance or deductibles.

However, if you are a small to medium size business owner and feel you need more coverage or that you are missing options, you could always talk to an Experior Associate about an HSA (Health Spending Account). An HSA is a great way to provide coverage for your employees. It can give your employees the advantage of rolling unused funds into an RRSP. It also gives your employees the flexibility to use those dollars on any type of practitioner they prefer including osteopaths and naturopaths. (You will find many plans don’t cover these types of professionals.)

If you don’t have group insurance, individual health insurance policies are a great way to protect yourself from health care expenses that can pile up.

What is the Difference Between a Group Policy and an Individual Policy?

With an individual policy you get to choose what benefits you would like and at what percentage of coverage you have. You choose the premium you pay and you can tailor it to your needs. With a group policy you will accept what is given to you and may have a copay or higher deductibles. Both can be great. Health insurance companies offer many different options for both group and individual health plans.

When you speak to an Experior Associate about your needs and the coverage you would prefer we will get you the best rates offered by the insurance company that offers the plan you are looking for. Let us do the legwork and find you a great plan at great rates. We can work with your budget to get you an affordable monthly premium.

Is it Cheaper to get Individual Health Insurance?

Group plans that are provided by your employer are generally always going to be less expensive than having your own personal health insurance. But don’t worry if your employer doesn’t offer you group health insurance options because at Experior Financial Group we can help you find the plan that meets your needs at affordable rates.

We know it’s important that you have family health insurance to help cover you and your dependants healthcare. Individual coverage is available as well if you are a single person with no dependents.

Just let us help you find the kind of options you are looking for or what you currently have that you are looking to supplement. We’ll do the rest! Saving you money in the long run and giving you peace of mind so that you can maintain your health and look after anything that might come up unexpectedly.

What is the Difference Between Individual and Group Life Insurance?

There doesn’t have to be many differences. The main difference is going to be the price you pay for your insurance. Health plans vary in price and coverage but the key differences are usually found in the pricing. Coverage will depend on what is chosen in your package. If your company doesn’t provide a group plan we can assist you with the coverage you need for one person with individual policies or for you and your family members.

Even sole proprietors have options when it comes to both individual insurance and family plans. Speak to an Experior Financial Group Associate today and let’s get you protected with a health plan that is right for your needs.

Shelden Smollan
Shelden Smollan, Experior Financial Group's Chief Experience Officer, has spent more than 45 years working in the fields of Life Insurance and finance. He is an excellent insurance sales and management executive with exceptional strategic thinking, marketing, and leadership abilities. He has been Experior Financial Group Inc.'s Chief Experience Officer for the past six years, and his vision and expertise have been instrumental in the company's growth and development. By arranging meetings between agents and carriers so that our team of associates can learn from them and draw inspiration from them, he has assisted our IMO in expanding.