Individual health insurance plans are primarily offered to the self-employed or unemployed. Sometimes, individuals will choose individual coverage even though their company offers a plan. Individual plans in the insurance industry do not refer to insurance that is provided to one individual. This simply means that the employer or company does not pay a portion of the bill.
Individual plans will always cost more than group plans. Group plans are more affordable because participants' companies purchase many plans from the insurance company at a lower bulk rate. The employer then pays a portion of the premium for their employees. You can easily find customized health coverage of individuals in Virginia online.
Image Source: Google
For the most part, individual health plans and group market plans offer the same types of options. You can choose from HMO (health maintenance organization), preferred provider organization (PPO), point of service (POS) plans or a traditional fee-for–service arrangement. Group plans can offer substantial discounts on premiums and comprehensive policies.
A group plan can only be used to cover an individual while they work. A consumer who is not covered by a group insurance plan (i.e. If a consumer is laid off without any other employment options, they will soon realize how costly the alternatives can be. People without a group plan are not recommended to have individual plans.
COBRA coverage is a temporary alternative for employees who have left an employer that offers group health insurance. This coverage is often provided by employers for 18 more months after employees leave the company. If they choose COBRA insurance coverage, these people will have to pay the entire premium.
Consumers have 60 days in which to decide if COBRA is right for them. Consumers should consider individual health insurance coverage if COBRA is not for them.