It depends! If you are 62 and all the other members of the group are under 30, group insurance will be less expensive for you. If you are under 30 and all the other members of the group are over 60, group insurance will be more expensive. The two major determinants of group insurance rates are the average age of the group and the general medical condition of the group. Thus a young group made up of several people with chronic conditions could be very expensive.
However, remember that there are other advantages with group insurance besides the premium. When a team has group insurance, new people entering the team that would be uninsurable on an individual plan can get full coverage. Most group insurance plans do not decline new enrollees or put riders on any medical conditions. If an overseas team decides against group insurance, they may be making it impossible for a good worker to get any health insurance.
Another advantage is that having group insurance makes it possible for a person who develops a chronic disease to come back to the USA and transfer to an individual domestic health plan under the HIPAA law. HIPAA requires all USA insurance companies to insure people, no matter what their condition, who are moving from a group plan to an individual plan. HIPAA is not applicable if moving from an international individual plan to a domestic individual health insurance plan.
If your group is interested in pursuing group insurance, call us toll free from within the USA at 866-636-9100.
So there are more advantages to group health insurance than “possible” lower rates.
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