Individual Health Insurance vs Group Health Insurance in Vancouver

February 25, 2018

Whether you’re a small business, an independent freelancer, or just an employed at a regular job without a lot of benefits, you’ve probably thought a lot about the pros and cons of getting your own health insurance to maintain your lifestyle in Vancouver.

Many small businesses are hesitant to look into group insurance benefits because they feel they cannot afford a group plan, or that the costs would outweigh the benefits to their operation.  Whether you’re on your own or part of a larger organization, however, there’s an insurance policy for you.

Benefits of Individual Health Insurance

  1. It’s Portable

If you sign up for it, your individual health insurance policy is yours. It doesn’t matter where you go, or who you work for, you can be confident that you and your family won’t lose coverage if you lose your job, or switch to a new contract.

  1. It’s Personal

With an individual health insurance policy, you get to choose the benefits you sign up for. If your spouse already has a dental plan and your family doesn’t need a new one, you don’t need to buy it. The same goes for vision and even prescription drug policies. You get to choose what you want, and you only pay for the services you sign up for.

  1. It’s made for you

In order to sign on to an individual health insurance policy in Vancouver, you don’t have to qualify as a business or do much more than find an insurance provider and sign on. Unfortunately, that can take a lot of time. As an individual, you have little leverage to negotiate rates, and even though some tax credits are available, your employer isn’t contributing to the cash outlay.

Benefits of Group Health Insurance

  1. It’s Cheaper

With multiple employees all covered under a single, employer-determined policy,  you can be certain that group health benefits anywhere in Vancouver are going to cost less, per person, than they would on their own. It’s a safer bet for the insurance company, which means it’s cheaper for you. Additionally, an employer is usually responsible for covering at least half of the cost of benefits.

  1. It’s less work

With a group health insurance plan, the employer has already done the work, and the HR department can help you choose whether or not you want to enroll, ensure payments are deducted from your pay, and make the whole experience much smoother. It’s not just at big companies, either. There are many providers of small business group insurance benefits.

  1. You might need those “extras”

Group insurance may well be one-size fits all, but at least you know you’re going to be covered for a wide variety of possible costs for the extent of the time you are with your employer. You might not need that vision care now, but you’ll be happy it’s covered when you do. Nobody in a group health insurance plan can choose their own benefits, but that means that most such plans have thought about all possible contingencies.

Contact GreatWealth Insurance Services

Now that you know some of the benefits, let us help you choose the best plan to suit your situation and budget.  Contact us today to schedule an appointment!