Choosing which health insurance policy and the cover are right for you is one of the most important decisions you’ll make in your life. While it’s not something you’ll be thinking about all the time, if you do ever find yourself in a position where you need healthcare, make the wrong decision, and you’ll be subject to a lot more hassle and stress than needed.
With this in mind, you’ll start looking for the right policy, and you’ll quickly realize there are many different elements you’ll need to think about; one of which being whether you want your own policy as an individual, or you can get your whole family involved on the same account.
If you’re wondering what the difference is then you’ve come to the right place. Today, we’re going to explore the three main differences between individual and family healthcare plans, enabling you to choose which one is right for you.
#1 – The Cost
Of course, the cost of the policy you choose will depend solely on your individual circumstances and general condition. However, typically speaking, an individual healthcare will cost slightly more per individual than a family plan.
As a way to get more people to sign up, many healthcare insurance providers will offer a slightly discounted rate for a family plan than an individual plan, but you should always check this before making a payment to see which the best deal for you is.
#2 – Maternity Coverage
As a rule of thumb, any family plan will have maternity coverage included by default, meaning you have all your maternity care charges covered for you. However, on individual plans, this is typically included by default, which means you’ll need to pay an extra premium if this is something you’re interested in.
Of course, in some cases, this might not be something you’re interested in, but if you’re a family or you at least plan on having children in the future, this is something you may want to think about. However, you should always research to find the best Ontario health insurance plan to suit what you need.
#3 – The Underwriting Process Varies
The final difference between group and individual healthcare plans is the fact that nobody in a group plan tends to be denied cover for individual conditions, or pre-determined illnesses or diseases. Everybody is covered, and you can go straight into enjoying the benefits of your plan.
However, on an individual plan, you’ll be screened and charged depending on your current condition. If you have any pre-existing conditions, your healthcare premium will tend to be more expensive.
Of course, that’s not to say a group plan will not charge more if you do have a health condition, it’s to say that you’ll still be accepted. On individual plans, they can reject you entirely.
Summary
As you can see, there are some key differences you’ll want to be aware of when it comes to choosing the right healthcare plan for you and your loved ones. Make sure you’re doing your research, so you get things right the first time.
