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Individual vs. Group Plan....Advice?
Old 12-06-2012, 03:13 PM   #1
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Individual vs. Group Plan....Advice?

So, when I RE'd, I went out and found a health plan as an individual. Details of the plan aren't important, but I maintained coverage and shifted from an employer/group plan to my own plan with one of the big 5 insurers. I avoided COBRA so I wouldn't have any "big issues" pop up during COBRA that would cause me to not get individual coverage or have exorbitant rates.

I now have the opportunity to do some w*rk that would be fun. I am being offered the opportunity once again to be on a group plan. Again, details of the plans (deductibles, costs, etc.) don't matter, I can figure that part out.


The part I don't understand and need some help with is the broader implications.
  1. Now that I have individual coverage, is it better for me to keep this coverage so that when I no longer have access to the group plan I don't have to re-apply for coverage, which may change my rates/categorization significantly?
  2. If I keep the individual coverage, is it better in the long run from a pre-existing condition perspective?
  3. Any other input on pros/cons of staying on individual plan vs. group plan?
Thanks for the help...
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Old 12-06-2012, 03:20 PM   #2
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Well, it depends. If PPACA moves forward, by 2014 it shouldn't matter.
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Old 12-06-2012, 06:34 PM   #3
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You have to look at coverage, cost and cancellation policies. I suspect, overall, you're better off with a group plan.......but health care is complicated and you haven't provided enough info for me to really give you a good opinion. Good Luck, regardless of what you choose I hope you remain healthy and did need to use it.
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Old 12-06-2012, 09:16 PM   #4
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I'd try to get the company to comtribute to your existing individual plan. No problem then if you develop a condition that would make insurers decline you for new insurance.

I'm not sure how much a relatively cheap plan now might cost in 2014 when ACA gets started. If it gets grandfathered in at the low cost it might be pretty valuable. For sure it won't be available at the current cost in 2014 if you are on a group plan until then.
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Old 12-08-2012, 10:31 PM   #5
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Quote:
Originally Posted by Animorph
I'd try to get the company to comtribute to your existing individual plan. No problem then if you develop a condition that would make insurers decline you for new insurance.

I'm not sure how much a relatively cheap plan now might cost in 2014 when ACA gets started. If it gets grandfathered in at the low cost it might be pretty valuable. For sure it won't be available at the current cost in 2014 if you are on a group plan until then.
Thanks! This is where I landed in a conversation with another friend, but we didn't have reasons as good as these!
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