Well, the simplest answer is this: It depends.
I know, wonderful answer, right? Don’t give up reading just yet though, because you may learn something that will be valuable to you and save you loads of money.
Group Health vs. Individual Health
The reality is the best option will be determined by your individual circumstances.
Most mid-to-large size companies have a group benefits package which will include medical insurance and probably other voluntary benefits. If you are working for such a company, they typically pay 50% or more of the employee cost of coverage. That would make group coverage very attractive for the employee. The company may or may not cover part of the cost of dependents - the spouse and children of the employee. With this in mind, individual medical coverage for dependents of the employee may be cheaper than paying for dependent coverage from the group plan.
So how can I find out if I have group coverage?
If it wasn’t offered to you when you were hired, or even if it was and you refused it at the time, try talking to your HR. They will likely be able to direct you to the person that handles company benefits.
Individual Health Coverage:
The thing that makes individual insurance attractive is the availability of advance premium tax credits. If you fall within the income guidelines between 100% and 400% of the federal poverty level, you may qualify for tax credits that will help pay your health insurance premiums. For more information or clarification on this, give us a call.
There is a catch to Advance Premium Tax Credits though – if your spouse and dependents are offered group coverage by your employer, you will not be eligible for tax credits even though you may not consider the group plan affordable.
I’m interested in Group Health Coverage. How do I learn more?
In Idaho, we have noticed that many small employers do not offer group plans. It takes a company evaluation to see if a group plan makes good sense for these companies. The first thought that comes to your mind if you are a business owner is that it’s probably a very lengthy and expensive process. Actually, it’s not! It’s free to be quoted for group benefits. Orton Insurance is partnered with multiple companies we can quote from to find the best plan available for your company.
Here’s some reasons you might consider Group Coverage:
Typically, if the employees are fairly highly paid, a group plan will be the best option financially for everyone involved.
Also, with group coverage and benefits, you’ll typically find that you have:
What will work best for you really depends on your circumstance. So give Orton Insurance a call! A free consultation about your options may be one of the best money-saving choices you’ll make this year!
Orton Insurance 208-356-8455
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