Should I get individual or group dental care plan?
49If you are looking for one-person operations, individual dental and health coverage is all that is available. Such plane do have advantages. You as the insured have individual flexibility in the type of coverage sought. In Canada, individual coverage ranges from basic protection to more enhanced. However, remiums and renewals are based on the insurance company's experience with the pool of individual clients, and it means that the rates cannot be negotiated.
Group Plans pool the rates for all employees of a particular company into a single plan. These are available for groups as small as of two people. Let's look at the advantages of group policies:
* There is no exclusions for pre-existing conditions
* One family rate is charged. Someone with four children pays a premium for each child. Under a group plan there is one family rate, no matter the number of family members.
* There are higher limits on drug and dental claims. Individual plans often limit the amount of dental coverage in the first year.
* Group premiums are tax deductible for a corporation. Individual plan premiums, however, are not deductible according to federal tax guidelines.
* Group renewal rates are negotiable, while individual renewals are pooled and non-negotiable. Your ability to negotiate an unjustified rate increase generally means lower overall premiums.
Feel free to visit my website to learn more about group benefit plans.
