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Small Business Employee Benefits and HR Blog

Whiteboard Session - Why Individual Health Insurance is Better

Individual health insurance is now better for individuals, families, and businesses. In this new Zane Benefits Whiteboard Session, J.D. Cleary outlines the ten reasons why individual health insurance is better than group health insurance.

For reference, here's a snapshot of this week's whiteboard:

Zane Benefits Whiteboard Session - Why Individual Health Insurance is Better

Video Transcription

Welcome to another edition of Zane Benefits’ Whiteboard sessions. My name is J.D. Cleary. I am the sales manager here at Zane Benefits. I am really happy to present today’s topic: Ten reasons why individual health Insurance is better - better than group health insurance.

So if you're a consumer in today’s market or a business owner, you’re probably making health insurance decisions now a days with open enrollment, and trying to decide what is better for you, your family, or your business. You’re trying to decide if you’ll go the group health insurance route, or maybe take advantage of individual health insurance.

And if you haven’t thought about taking advantage of individual health insurance before, hopefully these 10 reasons give you a reason to think about it.

First off, individual health insurance is portable. If you have to go to the doctor or be in the hospital for an extensive period of time, you are not going to lose your insurance due to the fact that you can’t go to work. You own your insurance policy and it’s portable and transferable, and it goes with you wherever you go.

Second, is individual health insurance costs anywhere from 20-60% less than it’s comparable group health insurance plan. Really. Individual health insurance is less in almost every single state for comparable group coverage.

It’s permanent. Individual health insurance cannot be cancelled on you. You as an individual own the policy. As long as you make the premium payment every month to that carrier you’re covered. Your policy cannot be cancelled unlike that group health insurance plan could if your employer couldn't afford it or wanted to cancel it.

It’s not limited. Individual health insurance lets the consumer pick their doctors and healthcare providers without any restrictions.

And, it’s customizable. So these employees, these consumers, these individuals in our country - they get to pick their deductibles and their copays and at the end of the day get to say this is what I want and this is what is good for our family, and I am going to pick this plan for my family. Rather than being put into a one-size-fits-all group health insurance plan.

Number six - and this might be the biggest - is that it is subsidized. There are massive amounts of premium tax credits available to qualifying individuals in this country only on individual health insurance. So, if you're an individual out there you may be eligible for up to $2,000 - $12,000 in premium tax credits based on household size and income.

It’s stable. Rather than being put into this group, or small group of other employers in your area, you’re placed into a large group from a risk perspective -- you are pooling your personal risk with the risk with that of thousands around you.

It’s really good for careers. So, if you change jobs or consider changing jobs, you can do it with confidence because you know you can take your health insurance with you, and there’s not going to be this interim period where you wonder what’s going to happen if you change jobs or career - what happens to my health insurance? Nothing happens to your health insurance - you get to keep it with you.

It’s really good for your business. And it’s really good for your business because your management professionals, or maybe other people in your company that have historically spent a lot time making healthcare decisions for your company, they don’t do that anymore. Employees buy their own healthcare and the managers and other people in your business that are key employees are going to spend time on revenue and your core business.

And finally, it’s really good for America. And it’s really good for America because it empowers individuals to take control of their own healthcare; to make decisions on their own, choose their own policy, choose their networks and deductibles, and really become educated consumers. And really impact the bottom line of the United States of America as far as the healthcare dollars that are being spent.

So individual health insurance is superior to group health insurance. I really hope that is your takeaway from today’s session. If you have any questions, visit us at www.zanebenefits.com. I hope you enjoyed today’s session. Thanks again.

We'll be posting new Healthcare Whiteboard Sessions on a regular basis. What topic would you like to see next? Leave a comment or question below.