GROUP INSURANCE - ADVANTAGES OF GROUP INSURANCE

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SOME KEY ADVANTAGES OF GROUP INSURANCE

Group insurance is not always less expensive or more expensive that individual long-term insurance. The rates/premiums are based on the average age of the group, the medical history of the group, and the benefits of the insurance plan. But whether more or less expensive than individual insurance, there are some definite benefits:

  1. Workers on group insurance that leave the company can switch over to COBRA when they return to the USA, and can be on COBRA for up to 18 months. This is very important if an individual has medical issues that would keep them from getting individual insurance. COBRA is not available for people on individual plans!
  2. Workers also have the option, after COBRA, of switching to HIPAA (Health Insurance Portability and Accountability Act). Every insurance company is required by federal law to insure a person on an individual plan if that person has been insured on a group plan. Again, this is a great benefit if a person has a chronic and/or terminal illness and cannot get individual insurance.
  3. Group insurance makes it possible for workers who would be uninsurable on an individual plan to have health insurance. No one is declined for coverage or “ridered” on group insurance plans. All pre-existing conditions are covered.
  4. Finally, group insurance develops cohesion in the company. It is a sign of the employees caring for each other and of management working together with employees. It provides for team unity and team spirit.
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