| Group insurance is a health care plan that covers a | | | | pocket for name brand and medications. Group |
| group of people either working in the same | | | | insurance policies are worked out for a large number |
| organization or members of societies. Employers own | | | | of people and hence the premium amount is much |
| one master policy that gives coverage to all the | | | | lesser with lots of features and services. |
| employees of the organization. | | | | Types |
| The policy provides large number of services at a | | | | Group insurance in many countries can be purchased |
| lower cost. The cost to an employee in a group plan | | | | through broker and you may get better rates than |
| is much lesser than an individual plan. | | | | individual companies. These policies are not restricted |
| Every group insurance plan has a certificate issued to | | | | to medical facilities only but provide coverage for life, |
| the employees purchasing it. The benefits of a group | | | | business, residential and others. Terrorism insurance, |
| plan may vary from company to company. | | | | wage insurance, vehicle insurance, phone insurance, |
| Benefits | | | | marine insurance, worker's compensation, weather |
| Almost every policy has routine medical procedures | | | | insurance etc can also be considered in group plans. |
| and emergency coverage. Accidents and any major | | | | Most of the IT companies require employees to |
| illness are also covered in this type of an insurance | | | | make lots of international travel. Group travel |
| policy. | | | | insurance is one of the easiest and affordable ways |
| Benefits of a group plan also include extended care in | | | | to get all the policies done for the employees. It is |
| hospitals and rehabilitation centers. Quite a large | | | | not only convenient but also very cost effective. |
| number of companies provide benefits to the family | | | | There are companies that deduct the premium |
| of the employees as well. However there are | | | | amount from the salary of their employees. |
| companies which do not offer any such plan which | | | | However, certain companies pay the premium |
| include medical benefits for the family members of | | | | amount for their employees and present them as a |
| the employees. | | | | benefit from the company. If a participant receives |
| Pre-existing problems are not included in most of the | | | | expensive treatment for any serious medical ailment, |
| insurance policies. However, in a group insurance the | | | | the rest of the group will have to pay the cost or |
| physical examination of employees is usually not done | | | | the high premium over time. |
| and you may take the advantage of medical facilities | | | | In a group insurance it does not mean that people |
| on a pre-existing problem. Problems like dental care or | | | | having high risks are clubbed together to purchase |
| eye related health problems are not included in this | | | | insurance. There are insurance companies that may |
| type of a policy. | | | | have different premium amounts based on age group |
| In some of these policies specific procedures on | | | | and health condition. The group plan is irrespective of |
| dental and vision care may be included. There may be | | | | the age and will have same premium amount for all |
| a co-pay provision on prescription drug expenses. An | | | | and the coverage will also remain the same for |
| individual may have to pay money out of his own | | | | everybody. |