Although group health insurance is cheaper compared to individual insurance, the cost of premiums could go higher. One factor which causes this to happen could be that certain members had to undergo costly treatments and as a result, everyone will have to absorb the higher premium costs. It’s not fair but that is something you have to accept.
This is exactly what happens when you pay a certain amount as for your car. Does it go up? Yes and this will only happen if the car was involved in an accident.
But group health insurance varies from one group to another. While most policies include emergency and routine medical procedures such as regular doctor appointments, hospital treatment for accidents and extended care in hospitals or rehabilitation centers there are a few limitations.
For instance, it is possible your master policy may provide eye care and dental work but only cover specific procedures.
Prescription drugs are another aspect but at least you and the provider split the cost otherwise known as a co-pay plan. Under such a policy, you have to pay an established price out-of-pocket for the name brand and generic medications.
As mentioned earlier, the price of premiums could go up if many need expensive treatments. Should this happen, the employer has to take drastic measures and implement strict rules so this does not affect the business.
Despite the pros and cons of group health insurance, a lot of people consider this to be good thing and if they don’t have to pay a thing, even better. But for those who have to pay a certain amount monthly, they should be thankful that such a plan exists because it is worth every penny when they have to go to the hospital for treatment.