Pros and Cons of a group health insurance coverage

Your family is your priority, and so is the same for everyone else in this world. Life in Dubai is as daunting as you would experience had you been in some other parts of the globe. There are a lot of things that you would need to learn, right from that of education to health, taxation and residency. You must have your own plans to settle down yourself, and that’s definitely a bit time consuming. Well, it is quite obvious for you to keep your family at the front of your list of liabilities, and thus, a group health insurance in Dubai happens to be one of the most ideal plans to go for! However, taking this financial decision often leads to a dilemma and confusion. Just like any other financial decisions, a group insurance plan also comes with its own set of pros and cons. While you get a health coverage for all the members in a group, you also get to bear a higher premium cost in case of higher claims.

Here, I would mention both the pros and cons of a group health insurance so that it becomes easier for you to measure everything for yourself:

Pros

1. It cuts down the overall expense:

It may seem to be a hefty amount at a glance, but looking in depth, you shall find that going for a group health insurance is actually profitable since the cost per person gets lowered down. Since the group insurance policy includes multiple members, you get a chance to negotiate about favorable premiums and thus, fetch bulk discounts from the insurance company. This is rather helpful than that of going for an individual health insurance plan or a family floater program. Also, you get a reliability factor that you do not need to bang your head again and again infront of the insurance company to fetch your plans.

2. No waiting period:

Since you go for a multiple premium provision at a time in case of a group health insurance, you get the option to opt for a cover of your pre-existing diseases from the very first day onwards. It does not involve any waiting period and that’s one of the greatest advantages of it. On the contrary, if you are going for a family floater insurance plan, you are offered with a family floater plan for a 2 to 4 years tenure prior to the time your policy comes into effect. Another biggest benefit of going for a group health insurance plan is availed by people who have been suffering from diabetes or other chronic diseases. This is because these people are usually not eligible for insurance with certain terms and conditions and need to undergo medical check-ups before they can opt for an insurance policy.

3. Wide coverage:

When you go for a group insurance health policy, you get a provision to cover a lot of diseases including the ailments that the insured person is probably suffering from! Also, this policy gives a privilege to all the group members wherein they are eligible to customize themselves based on their own set of requirements, as well as, can avail plans based on the group history. In a nutshell, it is always better to go for a group insurance plan if you want to go for additional benefits that aren’t counted in case of an individual plan otherwise. Besides, a group health insurance policy is always a good choice to fetch a comprehensive coverage, particularly for the elderly people. This is because a group insurance plan is independent of the age factor and the company compensates the risk of health disorders by charging a higher premium plan.

Cons

1. Might be a challenge in case of a job switch:

 If the insurance plan is offered to you by the employer, you are eligible to it only till the time you remain employed with the same organization. If that is your company-specific group insurance program, you automatically lose its benefits once you switch your organization.

2. Lack of control over the policy terms and conditions:

If the insurance plan is offered by the employer, the organization’s words are counted to be final in deciding the provisions. As an employee, you tend to have limited control over the customization of your health insurance plan.

3. Escalation in premium costs might seem to be an unviable expense for the insurer:

In case if the renewal of premium costs appears to be financially unviable for the insurer, he or she tends to have a higher chance of terminating the policy. You can also check the best Medicare Advantage plans 2021 .

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