Healthcare insurance companies often charge more for group policies. Many people think that if they apply for their family's medical insurance through their employer or buy as part of an association that they will get a lower monthly price. While this could be true at times, this isn't usually true.

Individuals will often pay more for a group medical coverage policy when compared to what they would pay if they applied as an individual. You may be losing thousands of dollars per year if you have made the wrong decision in this area.

Many consumers are affected because of this misconception. This hurts those who are self employed. This raises the expenses for families who have the choice to buy a group health policy from their job or a private plan on their own. Many people on COBRA could choose to buy a plan directly at a much lower price, but never get individual prices.

COBRA is just an employer-sponsored healthcare insurance plan offered by your former job. Since it's a group policy and since you will probably have to pay the entire premium, COBRA is usually very expensive. It costs many consumers hundreds of unnecessary dollars more each and every month than the premiums of a similar family plan.

The premiums for a health coverage plan is for the most part determined by the cost of medical claims of the people your insurance carrier associates with you. If you are placed in the group that is composed of 23-year olds, you will probably pay lower premiums than if you are connected with a group of 41-year olds,. On the other hand, if you are grouped with 21-year old women who have high blood pressure, you may pay more for your policy than if you are grouped with 42-year old individuals who have recently passed a health underwriting process with high marks.

Often if you purchase group healthcare insurance you will not be asked any medical history questions and will be offered a medical care insurance plan based only on your gender and age. This is good should you have pre-existing conditions. However, if you are in good health care, you will want to be grouped with those who have passed the carrier's medical underwriting. Applying for a health protection plan that asks health history questions is the only way to get into this group.

Group medical care care insurance frequently costs more for this reason. A carrier will pay more claims for the group it wasn't allowed to investigate.

Most people make the logical assumption that a group health coverage plan will cost less due to the fact that, buying in larger quantity results in a lower cost when it comes to most other things. Buying a two-year subscription usually cost less than buying two separate one year subscriptions.

One more reason people believe that group healthcare insurance is less expensive is that in many cases a place of employment will pay a portion of one's health care insurance premiums. This results in the employee seeing a dollar amount that is much less than what your job pays to the insurance carrier.

Since this is true, be certain that you are getting the most advantageous price and coverage by checking with all of the medical insurance coverage choices available to you. You might be eligible for a group plan at your place of employment with a portion paid by your company. Perhaps you may get a similar deal from your spouse's company. You may be able to find an individual medical care insurance policy from a reputable insurance company that sells to individuals and families.

Be sure that you have a good understanding of your options before signing an insurance application. Supposing that employer-based health insurance is cheaper than directly purchased medical plan may cost you a bundle every year.

Author's Bio: 

Alston J. Balkcom can has been an insurance agent since 1985 and can help you find information regarding Virginia Medicare Insurance and Connecticare information on his sites.