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Group insurance is a health care coverage plan in which individual employees or members are included under one ‘master policy’ owned by their employers. Because the group insurance plan has so many contributors, the policy often provides coverage for more services at a much lower cost per participant. Group insurance may be provided by other organizations besides for-profit companies. Labor unions, churches and other service groups can also obtain group insurance for recognized members and possibly their dependents.
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Individual members of a group insurance plan receive insurance certificates which demonstrate their eligibility for benefits. If the master policy held by the employer requires participation in an Health Maintenance Organization (HMO), then individuals are also registered as members. Other group insurance policies may be associated with major medical groups such as Blue Cross/Blue Shield. A major medical policy may or may not restrict an individual’s choice of primary physician and specialists. HMO policies often require a patient to use a specified physician, who must approve any visits to eligible specialists.
Group Insurance Quotes:
- An average of three quotes from different insurance companies is recommended. There is no cost associated with obtaining insurance quotes and many companies are happy to provide them via the Internet.
- Some sites may also offer a variety of quotes for different companies, so the client may compare and contrast rates and services. Websites that offer instant life insurance quotes will typically ask several basic health and lifestyle questions.
Financing a group insurance policy:
Financing for a group insurance policy is commonly a flexible payroll deduction, although some companies will absorb the entire cost of the policy as a benefit for employees. As with many insurance policies, however, the cost of premiums can rise significantly without warning. If a few participants receive expensive treatments for serious medical conditions, the rest of the group may have to absorb the higher premium costs over time. Group insurers don’t always require physical exams before issuing a master policy, so some participants may benefit from treatments for pre-existing conditions.
If you have questions, we have answers with your Group insurance needs, call us!