Is group insurance more expensive than individual insurance?

Typically yes, there are a number of factors that are involved with group insurance. There are usually 4 main components that cause group insurance to be higher.

  1. When group insurance is offered it is required to take into consideration all eligible employees, dependents and health conditions. Rates are determined on group size, and medical conditions within the group.
  2. Is maternity covered? Yes maternity is covered.
  3. Mental health and substance abuse covered? Yes.
  4. State mandates can cause rates to fluctuate. State mandates and items that each state requires an insurance company to provide or build into a plan. Every carrier in that particular state must have the mandates in their plans.