Group Cover Health Insurance
Group Insurance health plans provide coverage to a group of members, usually comprised of company employees or members of an organization.
Group health members usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders.
Plans can only be purchased by groups, which means individuals cannot purchase coverage through these plans. Plans usually require at least 70% participation in the plan to be valid.
Benefits:
- The group members by keeping premiums low, and insurers can better manage risk when they have a clearer idea of who they are covering
- Keep costs low, at the cost of restrictions on the flexibility of care afforded to individuals.
- Preferred provider organizations offer the patient greater choice of doctors and easier access to specialists but tend to charge higher premiums
- Avail tax benefits on almost all insurance premiums
- Quick and hassle-free claim settlement
Features:
- Plans usually require at least 70% participation in the plan to be valid.
- Group members receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders.
- Premiums are split between the organization and its members, and coverage may be extended to members' family and/or other dependents for an extra cost.