What's better--individual health insurance or a co-op group pay plan (i.e. Samaritan)?
Hello, Thank you for the question. Better is, of course, very subjective. The bottom line are your needs. One main advantage of a co-op group plan is the possibility of acceptance with more limited health questions. So, if you have preexisting health conditions then the group plan may be best. Another advantage of this plan is cost. Group plans tend to price lower than individual plans.
As far as the individual plan is concern, the main advantages we can see are flexibility and portability. Flexibility allows you to customize the plan to your needs (deductible, co-pays...) Portability would allow you to move the plan as you wished.
I hope this helps.
Hello. Based on my 31years in the health care business, an individual plan is clearly the better option. Benefits are richer, the Network is larger and in the event of a catastrophic or ongoing major medical treatment, you will be better protected.
A group co-op depends on a constant stream of subscribers and moderate medical expense usage. If that stops, members are in trouble.
Of course, if you are uninsurable and your state risk pool insurance rate is high, give the co-op a try, if you can qualify.
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