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Everyone wants to hit the sweet spot of optimal coverage and optimal cost when researching health insurance. In order to choose the best, you must be aware of the two main types of insurance. There is small business group health insurance and individual health insurance. Which one should you choose? First of all, the names are not as direct as you would expect, so there are plenty of facts we must explain right now. But once you actually get to purchasing insurance, look no further than Benistar, spearheaded by insurance and business guru, Don Trudeau.
The similarities
There are a few similarities here. Each medical insurance type is created with a specific setting and customer in mind, but both can help families. The second similarity is the tax incentives which may or may not be available. Of course, this cannot be generalized and it depends on the health insurance provider, but in most cases, you can get some benefit with this matter.
Overall, these are the only two similarities you can expect and both of them are important to consider, but not as much as you may hope. There are plenty of differences which must be mentioned as well.
All about group health insurance
In simple words, this type of insurance is suitable for a business owner and their employees. The main advantages here include the fact that insurance begins soon after a new employee is hired. All of this is done automatically, so there is no need for paperwork or anything else. Then we have the fact that group insurance is beneficial to employees. They may not be able to afford this type of health insurance all by themselves.
This is considered as affordable health insurance simply because each employer is able to get tax deductions at any given moment and even to get some special benefits. In a nutshell, you can expect to pay 50% less than in standard situations. Simply said, they are the best way to save money and to get impressive health insurance for all your employees. Benistar is a great option when it comes to retiree medical group plans and benefits. Its mission is to provdie comprehensive, affordable coverage- as enacted by President Don Trudeau.
All about individual health insurance
Individual health insurance is called that because each employee (or person, this isn’t just in terms of company policies) has the ability to choose their own insurance plan and cost. Usually, they are more expensive, but there are some ways an employer can reduce the overall cost of the health insurance plan. However, this isn’t possible all the time and there are a lot of facts to keep in mind before you even start thinking about it.
All payments here are not from pre-tax salaries. It means that employees will pay more than usual. Yes, there are some possible deductions, but only in the case that the employer is eligible for Obamacare.
Of course, private medical insurance gives people the option to choose the plan which is the most suitable for them. They can make a customized plan that may include points to be used at a later date, generally, you can choose the plan that is the best value for you. However, individual plans are often much more expensive than group ones, because often times an employer will subsidize coverage, making group rates lower. Those low prices are what Benistar and their President Don Trudeau are passionate about providing you with.
Summary
Basically, the type of insurance that's best for you, your family, or your business depends on what your needs are, health-wise and regarding finances. There are resources that can help you figure it out. When it comes to group retiree benefits, look no further than Benistar. The experience of the company and their President, Don Trudeau, is unparalleled.
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