There are different kinds of low cost health insurance plans within which individual and group are two major forms of health insurance plans. A group health insurance plan is provided by the employer which is beneficial both for employee and employer. If an employee is not covered by any group insurance plan by the employer then the cost for covering it can be much higher. It is costly both for employer and employee. If employer has to pay the policy then it can only pay about a fixed amount and rest the employee has to pay from his own pocket savings.
There are different kinds of individual low cost health insurance plans in the market like fee-for-service, PPO and HMO protections etc. This individual health insurance is riskier than the group one. The group low cost health insurance plans are cheaper and readily available to employees saving time and lowering risk while an individual plan is costly and takes time. There is some criticism that if individual low cost health insurance plans are costly to group plan than how it is “low” cost plans? A cheaper plan can be much riskier than costly once in regards of the services provided against them and the time wastage involved.
Risk is also estimated as according to the age of the individual. The higher the age of an individual the greater the risk involved. There are certain medical tests after which a plan can offered to the person who like to have a low cost health insurance policy. A group health insurance policy is cheap as compare to a single individual because of a large number of people forming a group is taking the policy. Moreover, the company providing that policy is getting some benefits due to a single company investment like by keeping few insurance specialists with the company management they can save their own spending.
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