Know about types of health insurance plans inf new york
If you have been researching the health insurance New York companies you will likely appreciate there is quite a significant difference between the main types, which might include the group health insurance and individual health insurance policies
Benefiting from the flexibility of the group policies
Firstly, you'll likely find that the restrictions and limitations on who can apply and be accepted on the group plans are significantly different to that of the individual policies. You will find that it is much easier to be accepted on the group policies even for those with a poor lifestyle or pre-existing health conditions. It is generally found that an individual can be added to an employer's group policy without having a need to prove a certain level of insurability to the insurance underwriters.
Are you able to adapt the proceeds to match your specific circumstances?
A further significant difference the two types of policies is that with the group insurance plans, the initial contract is made between the club, trust, union, or employer and the insurance company. Basically, this means you will have no direct contact with the insurance company in your enrollment on the policy. A negative aspect to this is it that you will not have the ability to negotiate or request adjustments to the insurance plan in order to customize it so that it is more specific to your individual circumstances. If you require insurance that is very adaptable, you will in all likelihood need to take out an individual insurance policy New York insurance company.
Being tied to a specific insurance plan
If you go the most popular route of taking out the group insurance plan through the employer, you will likely appreciate that the coverage on the insurance is completely tied to your ongoing employment. For instant, if you are made redundant, quit, laid off, or retire, the benefit offered under this health insurance policy would expire at the end of your employment contract. In situations like this, you would need to venture into the New York health insurance market in order to obtain an individual insurance policy to continue to protect you and your family from the costs associated with sickness or injury.
However, you will find there is some protection already in place should you be unable to continue to benefit from the group insurance via the employer. You might be entitled to sign up to COBRA (Consolidated Omnibus Budget Reconciliation Act) which will enable you to continue to enjoy the benefits under the previous group scheme, which might run for a further 18 months. This extension period is often sufficient in order that the person is able to arrange alternative health insurance protection elsewhere. A negative to signing up to COBRA is that the premium quoted for this particular health package will be significantly higher then what was previously enjoyed through the employer's contract.
Whether you decide to sign up to the group or individual health insurance policies, you will likely find that there are wide ranging differences between the two, and the one you do decide to go with will be based on your personal circumstances and the precise type of coverage need. Your employer’s health insurance package would of course be easier to sign up to if available, but you might also wish to look at the choices offered with the individual policies which might be more suited to your specific circumstances.
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