Kentucky individual health insurance covers people who are not in an employer-sponsored plan, while group insurance is employer-sponsored coverage for workers and their dependents.
Individual health insurance is meant for people who are not in an
employer-sponsored or government-assisted health plan. Group insurance,
as the name implies, refers to the coverage that an employer sponsors
for his employees and their dependents. Most people have this kind of
coverage. The employer co-shares the payment towards the monthly premium
with the employee. Besides this basic difference, Kentucky individual
health insurance differs from group insurance in many ways.
Individual
Health Insurance KY Features
The rules for
individual health insurance in Kentucky are different from that in other
US states. The main features of individual health insurance KY are:
In Kentucky, health insurance companies may deny individual health
insurance to people who are in a high health risk category.
All indemnity, HMO and PPO health plans are standardized in Kentucky,
though customized plans are also available. An insurer cannot cancel
your health plan due to your illness, but can raise premiums or
deductibles at the time of renewal.
Benefits offered in kentucky individual health insurance plans
are usually not as extensive as with coverage obtained through the work
place. For instance, while maternity coverage or substance-abuse
treatments are standard offerings in group policies, these would be
add-on options at an extra cost when you buy health insurance on your
own.
Individual health plans have the advantage that they can
be customized to suit specific needs. So you dont have to pay for
coverage that you do not need, which often happens when you are in a
group plan.
Individual health coverage stays with you even
when you are out of a job, a great advantage in these uncertain times.
The
individual health insurance scenario is changing. Health care reform
now incorporates the Pre-Existing Condition Insurance Plan (PCIP) so
that people with conditions such as cancer, diabetes, or heart disease
will have the opportunity to obtain insurance coverage. In 2014,
insurers will be prohibited from denying coverage to people on the basis
of the state of their health.
Kentucky Group Health
Insurance Coverage Through an Employer
A company
qualifies for Kentucky group health insurance, if it has between 2 and
50 employees. Employers select one or two health plans and invite their
employees to enroll.
Group health insurance in Kentucky is
available to all employees meeting the necessary conditions regardless
of the current state of their health or pre-existing conditions.
In the case of a group plan, the benefits are determined by your
employer in negotiation with the provider. So that means you have little
choice.
With group insurance, all the employees are subject
to medical underwriting as a whole. So the premium level that everyone
will pay is determined by health status of the entire group. This also
means that if there are one or more persons with a serious condition,
the premium would go up.
The amount paid towards employee
premium is usually tax-deductible.
The advantage of group health
insurance is that it helps employers hire and retain the best workers.
Group policies also offer coverage for family members who are uninsured.
Find
the Right Kentucky Health Insurance Plans
Whether you
are an employer looking for suitable coverage for your work force or an
individual seeking a comprehensive health insurance plan in Kentucky,
your best option is to contact an informed, professional health
insurance agent in for assistance. A reliable agent would be able to
offer you all the guidance you need, including quotes from leading
health insurance providers. Their valuable expertise can help you choose
the right kentucky individual health insurance or
group plan.
