Group Health Insurance Plan – Things you need to know

Group Health Insurance Plan – Things you need to know

From Imran Ali

Also, if your employer is providing a group health insurance cover, it's a smart decision to opt-in for it and reap the plan benefits.

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Most people want a hassle-free health insurance process! It would indeed be best when people didn’t have to be part of health check-ups before signing into any insurance policy. It would be ideal if one didn’t have to sit through a waiting phase, neither for maternity advantages or other ailments. But what if you got to know, there exists a way out? That might sound “too good, to be true” for a while. Getting help from group health insurance plan is very easy, even easier than getting legal help from a lawyer.

Understanding a group health insurance plan

The employer usually offers this insurance to employees. The insurance plan gets designed in a way that provides comprehensive healthcare benefits and coverage to people who belong to a specific team. The teams can either be the employer-employee groups or the non-employer-employee teams as well. A few other examples include the members of any cultural and social group, credit card holders, savings account holders of a particular bank, and the like. The group health insurance quotes get based on the groups and other factors.

The features of group health insurance covers

In the case of a group health insurance plan, applicants don't need to share any medical reports. Also, there's no waiting time. People also receive the required coverage against all the earlier conditions. That makes this insurance plan as one of the most coveted insurance policies.  The premium is also cost-effective.

The group health insurance plan provided by the employer to employees provides healthcare coverage to the:

·         The concerned employee

·         Their spouse

·         Their dependent parents

·         Their children (Till a certain age)

However, it is essential to know that not every employer is liable to provide group insurance plans to their staff and employees. No individual can opt-in a group of health insurance coverage by himself.

How does the plan work?

The exact nature of the group, health insurance plan, is that there's a master policy that gets issued. And this provides coverage to every person in that group. The terms and conditions, exclusions, and inclusions are the same for most individuals under the plan. Most of the health insurance companies today provide group health insurance plans. However, every company comes with its own set of rules and regulations. Here the exclusions and inclusions also differ.

How is it different from individual health insurance?

Going by its name, group health insurance provides insurance coverage and its benefits to a group. When it comes to individual health insurance coverage, people have their renewal date.

The benefits of group health insurance plans

Group health insurance plans come with several advantages. They are:

·         Reduced premium–Based on the recent studies, a group health insurance plan is about 30% cheaper in comparison to the individual health insurance plan.

·         Maternity cover – This plan provides a person with full maternity benefits right from the first day of the policy enrolment.

·         Zero medical check-ups – A person can opt-in for this plan provided by the employer, without undergoing any health check-ups.

Once you are aware of these details, you can decide which health insurance plan to opt-in for. Also, if your employer is providing a group health insurance cover, it's a smart decision to opt-in for it and reap the plan benefits.

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