The Pros and Cons of Group Health Insurance For Vancouver Residents

January 08, 2018


Those within the Vancouver marketplace looking for employee insurance plans are likely to discover a full range of options available, but perhaps one of the most popular is group health insurance. Group health insurance offers a number of advantages for those seeking comprehensive coverage, and within this latest post, our group health insurance experts in Vancouver will explain the pros and cons of this insurance options.

Pros

Not Turned Down for Preexisting Conditions

One of the key benefits of group health insurance as opposed to individual insurance options is that you won’t be turned down for having pre-existing conditions when you choose a group health insurance plan. This means you can access the plan regardless of your current condition and begin saving money on treatment almost immediately.

Employees Benefit from Economies of Scale

With a greater number of people included in the group health insurance plan, Vancouver clients can save on their insurance costs.

Cons

Expenses can Rise Quickly

While group health insurance costs are low when compared with the equivalent individual plan, the overall cost of group health insurance plans in Vancouver is often higher. That’s because the individual plan only has to cover specific elements that the client and their family can pick and choose, while a group plan must cover a number of items. The price rises and the group eventually ends up paying more for their policy.

Group Health Insurance Policies Can End with Employment

If the person is removed from their place of employment, they may find that they’re no longer covered by the group health insurance plan. This is important for individuals relying on the plan to cover additional health costs such as dentistry and therapy treatments outside of their normal health coverage.

Our team at GreatWealth Insurance Services is here to guide you in choosing the right health insurance policy for your coverage needs and ensure the plan remains cost effective for years to come. To learn more about our team, call us today.