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Breaking Down the Differences Between Group and Solo Health Insurance

It’s almost time to reconsider existing health insurance plans for the upcoming year. Chances are good that even if you and your coworkers have shifted to working from home, you should still be eligible for voluntary benefits such as health insurance.

It’s almost time to reconsider existing health insurance plans for the upcoming year. Chances are good that even if you and your coworkers have shifted to working from home, you should still be eligible for voluntary benefits such as health insurance. Those plans need to be renewed every year unless you need to switch to a different type of coverage. With that in mind, let’s look at the distinctions between them. 

For Smaller Businesses

Let’s begin by examining the merits of health insurance for smaller businesses. For our purposes, the definition of a small business is fewer than fifty employees. A small business is less likely to be able to support group insurance for its employees. The healthcare plans that are offered, on the other hand, need to meet regulations outlined by the Affordable Care Act. but these regulations also make the prospect of doing this more expensive and thus less feasible for small businesses to be able to provide. Workers are also allowed to purchase their own coverages as well.  

For Medium and Large Businesses

Businesses with fifty or more employees fall into this notable category – of the medium and large business structure. Research conducted by the Congressional Budget Office revealed that 155 million Americans take advantage of health insurance offered to them by their employers. Meanwhile, the Employee Benefit Research Institute notes that a staggering 99% of employers with over 1000 employees have group plans in place; likewise, 92% of employers with 100 to 999 employees also have group insurance plans established.

Benefits of Group Insurance 

Now let’s examine why offering group health insurance can be worth it. Employers are supposed to contribute to a minimum payment towards the overall premium. This arrangement makes coverage more accessible for both workers and their dependents, such as spouses and children.  

Benefits of Individual Health Insurance 

Even with all of the assorted benefits that group insurance carries, that does not automatically invalidate the usefulness of individual health insurance. These plans are much more customizable according to wants and needs. Each worker can pick and choose what coverages they’d like to have. This coverage continues to operate even when certain life events occur – family medical emergencies, maternity/paternity leave, career changes, early retirement, or even a furlough or loss of a job. Finding the right benefits broker, such as the experts here at MWE Partnership, can speed up this process and make it much easier to navigate.  

A Customer Testimonial 

We have yet another pleased customer to tell you about! We value all of our clients, so we are proud to continue spotlighting their experiences. This time, we want to tell you about Michele Bacon of Three Dog Logistics. Michele needed help with an insurance claim. She then received help from both Drew and William – the response time was amazingly efficient, and made the first claims process Michele needed to complete a breeze. She would without a doubt recommend MWE to a friend or business partner.   

Get Your Voluntary and Supplemental Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet the needs of all your employees. With over 17 years of experience, The MWE Partnerships is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, then contact us today! Also, be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

This entry was posted on Friday, October 2nd, 2020 at 4:02 pm. Both comments and pings are currently closed.

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