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New Jersey Personal Injury Lawyers ? COMPUTERS AND ...
Source: http://computersandtechnology.us/2012/02/new-jersey-personal-injury-lawyers/
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Wednesday, February 8, 2012
Why does health insurance through employers cost so much less ...
Why does health insurance through employers cost so much less than individual health insurance?
In the US, if your employer doesn't offer health insurance, you can still get health insurance for yourself, but it's much more expensive. Why is that? Why wouldn't it be the same cost per person regardless of whether it's through your employer or not?
1. Insurance through your employer is "group health insurance". The premium is based on the health of the entire group and not on you as an individual.
2. Employers often subsidize at least a portion of your premium as part of your compensation.
The answer is that it doesn't cost less?..if you don't consider what the employer is paying. That's why so many people think COBRA is expensive. COBRA isn't expensive, it's just that when you continue your group plan under COBRA it's the same plan, at the same cost (plus maybe 2% for admin), but it seems expensive because your employer is no longer contributing.
Individual plans ARE CHEAPER than group because you can be turned down. In group plans nobody can be turned down, so the cost to cover all the health problems escalates.
The biggest mistake people make is assuming that their work coverage is more competitive without shopping. It's not uncommon, especially for young, health people, to be able to get cheaper plans on their own even when the employer is picking up half the cost.
Finally, most small companies will just have their employees buy individual plans because it's a fraction of the cost?.though either way it's always nicer when someone else is picking up the tab.
First, it is not always more expensive individually than through an employer. In some places, for some individuals, the opposite is true.
Second, most individuals who do not use health insurance very much do not buy individual health insurance policies; most of the buyers use it a lot, so it is expensive. With an employer plan, many of the employees do not use it, so the average price, per person who has it (whether or not they use it) is less.
Third, many employers subsidize the cost, so the employee does not pay all of it, and the employer pays a lot.
Because the employers are paying a HUGE chunk of the bill ? usually 50% to 90%. It doesn't actually cost LESS, it costs MORE. You just don't SEE it, because they're footing the tab.
As to why it doesn't cost the same per person . . . because with an employer, the healthy young employees pay the same as the old sick ones, they AVERAGE the rate. So the rate for an employee might be $500 a month (and the employer pays $300 of it).
When the healthy young employee shops around and buys private coverage, it might cost them $125 a month ? less even than their share. But when the old sick employee shops around, it might cost THEM $1200 a month.
Health insurance, after all, is ONLY "sharing of cost". Everyone pools their money, and the claims are paid out of the pool. The more claims that get submitted, the more the rates have to go up.
there is a great answer provided, but also companies find insurance brokers who will get you the best possible rates because why waste time energy enrolling a single person in the insurance when they can get employers with 50+ 100+ 1000+ employees.
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