Should You Have an Individual Health Insurance Plan Along With Your Workplace Group Plan?

Do you have individual health insurance along with your workplace group plan? If no, have you wondered if it would be beneficial to have one? The answer is a definite “yes.”

Individual health insurance plans are designed to provide protection in addition to any coverage you receive through your workplace. You may feel like the cost of an individual plan is not worth the additional protection, but there are several reasons why having both could be beneficial to you and your family’s overall health and financial well-being.

You might be surprised to find out how much having two plans could really save you in the long run!

The Perks of Having an Individual Health Insurance Plan

If you’re employed by a company that provides group health insurance, it may seem silly to purchase your own individual health insurance plan. After all, in theory, you’ll have access to care as well as preventative services for free through your employer. But it may not be enough.

  • Your group health insurance plan may not provide enough coverage. Considering the rising healthcare costs, the proportion of health insurance coverage should be at least 6 times of your monthly salary. The difference between the requirement and the actual needs can be bridged with a personal health insurance plan.
  • Your group health insurance will also go away immediately when you change your job. Your personal plan, on the other hand, will stay with you no matter where you go.
  • Also, you group health coverage may be reduced. If a company is going through financial hardship, it might reduce the insurance coverage. This is because any decision related to your group insurance coverage lies solely with the company, and not with you. On the other hand, any decision related to your personal health insurance lies solely with you (or the policy holder).

What is the best solution?

Our team of Trust Life advisors advises you to have both the plans as the best solution – a group health plan along with an individual health and dental plan.

By purchasing a supplemental plan, you have additional funds in case your medical emergency exceeds the amount your group health plan covers, along with other advantages such as higher benefits, no claim bonus, optional travel benefits, lifelong renewability, prescription drugs coverage, dental coverage, and more.

Also, here are a few good news for you – make sure you read about these plans here:

How to Get An Individual Health Insurance Plan

Talk to our health insurance advisors to get a quick no-obligations quote. We have over 30 years of experience dealing in insurance and investment products in Brampton, Mississauga, Toronto, and Hamilton.