Like is it cheaper to get health insurance with your job and how does it work or how is it different than getting it on your own.
In: 3
Employer provided health insurance is cheaper for a couple of reasons.
First off, because your employer pays a portion of the monthly premiums. This lowers what you have to pay.
Secondly, they get a group discount. Because they are providing insurance for a bunch of people, they get charged a lower rate. Similar to when you buy something in bulk as opposed to buying a single amount of something.
As a single person, paying for your own health insurance, you foot the entire bill. And because you are only covering yourself, you don’t get the group discount.
Employer provided health insurance is cheaper for a couple of reasons.
First off, because your employer pays a portion of the monthly premiums. This lowers what you have to pay.
Secondly, they get a group discount. Because they are providing insurance for a bunch of people, they get charged a lower rate. Similar to when you buy something in bulk as opposed to buying a single amount of something.
As a single person, paying for your own health insurance, you foot the entire bill. And because you are only covering yourself, you don’t get the group discount.
Latest Answers