Group Health Insurance Plans – An Easy Guide

A group health insurance policy provides medical coverage for many people in a single policy. An employer can apply for such policy with an insurance company. The employer generally pays only a part of the premium. The employee can get specified benefits under this policy by paying expenses on a pre-tax basis. The employee’s net expenses for the group health insurance cover, and for various other benefits, would have been greatly reduced as a result.

It is an undeniable fact that an employee values a group health insurance cover and its benefits. For the employee, it is the second best thing next to monetary compensation. Using this, the employer can employ and retain the best in the business.

Group medical insurance policy is usually cheaper than individual medical insurance policy unless you’re very healthy. There are tax incentives for both the employer and the employee associated with group medical insurance policy. Group health insurance plans broadly split into indemnity plans and managed care plans.

Under an indemnity plan, there is a wider choice of hospitals and medical/healthcare providers — It’s also more expensive. The paperwork and out-of-pocket expenses incurred in a managed care plan is much less but the options too are fewer.

Group health insurance plans enable employees to receive medical treatment quickly and at no cost should they need it. This means that employees receive the medical treatment they need without the long wait and undue suffering.

But what if you’re self employed? You can still get affordable individual health insurance by doing extensive comparison shopping. Insurance quotes sites make getting and comparing quotes a very easy task. Do it well and you’d save yourself hundreds in premium dollars.

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