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What’s the difference
Health Insurance Comparison - What's the Difference?
Differences between group and individual health insurance plans
Your health is important, so having a health insurance plan in place should always be a priority, not an option. But if you are already covered by your company’s health insurance plan, do you still need your own individual health insurance, and vice versa?
This question is best answered by understanding the key differences between an individual health insurance that you purchase for yourself and your family, and a group or corporate health insurance plan provided by your employer.
Differences: Group and Individual Health Insurance
What is it?
Typically, this refers to health insurance coverage offered by a company to all its employees as an employment benefit.
A health insurance plan for a single, insured person, his/her spouse/partner and/or dependants.
What does it include?
While the specifics will vary from company to company, group health insurance plans typically offer fixed and uniform coverage for all covered persons. Some employers will offer the option of covering employees’ dependents too.
Group health insurance plans are also available as local health benefits (for Singapore only) or global health benefits for worldwide coverage.
Individual health insurance plans are customised to specific needs and coverage requirements.
What does it cost?
For employees, group health insurance is usually made available for free or at a subsidised cost by their employer.
Individual health insurance premiums will depend on the coverage as well as specifications related to the applicant’s age, health, family medical history, etc.
What are the pros?
For employees, group health insurance is a low-cost or no-cost way to gain medical and healthcare coverage.
More flexibility in tailoring the coverage to meet personal needs, including the option to add more benefits in the form of riders.
What are the cons?
Coverage is defined by the employer, not the employee, and may not satisfy individual needs.
Coverage is usually non-portable, which means it ends when employment ceases.
Premiums are not paid for or subsidised by the employer.
Cigna Healthcare Says
There’s no one-size-fits-all answer to this question, as everyone has different health insurance needs. Generally speaking, however, given that group health insurance plans are meant to provide broad coverage for all employees, chances are, it would not completely satisfy individual needs. Layering group health insurance with your own personalised individual health insurance plan could be a good strategy.
Speak to our consultants for a deeper understanding of the pros and cons of group health insurance and individual health insurance.
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Cigna Europe Insurance Company S.A.-N.V. Singapore Branch (Registration Number: T10FC0145E), is a foreign branch of Cigna Europe Insurance Company S.A.-N.V., registered in Belgium with limited liability, with its registered office at 152 Beach Road, #33-05/06 The Gateway East, Singapore 189721.
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