Group Health Insurance

The Group Health insurance plan covers for individual’s or group’s health security and provides them health benefits as and when required. Such groups usually include people who are members of societies, employees of a common employer, or professionals in a common group. It provides health insurance to a group rather than to any individual person. This Plans allows employers of a small business group, to choose from several valid plans like, HMO, PPO, and HAS’s with a variety of co-payment options.

Health insurance policies are usually quite expensive for individuals to bear. In such cases Group Health Insurance becomes cheaper options of getting health insurance coverage at lower premiums. Affordable Group Health Insurance offer quality, low cost health insurance packages.Affordable health insurance plans are now available online from a large selection of low cost health insurance carriers and low cost health insurance providers.

The aim of Affordable Group Health Insurance companies is to help small employers and their employees by providing them with health plans they need at an affordable price. The word “affordable” is a very important term. It means maintaining the right balance between cost of insurance and benefits of the insurance policy. As a result both the employers and the employees can count on the health insurance. The employer can select for their employees the right health insurance policy to protect them and their families when the unexpected happens.

Benefits of Affordable Group Health Insurance:
Health insurance coverage at a cheap price
Greater number of people can be covered under the Group Insurance policy
Lowers overall healthcare spending
Lowers Workers’ Compensation claims

The Chesapeake Life Insurance Company is a major company that provides Affordable Group Health Insurance.
Group Health Insurer offers a wide range of benefits to the insured group/organization. Group Health Insurance may or may not be converted to individual coverage depending upon the insurance companies. Group health insurance plans comprises of two major plans – Managed Care and Fee-for-service.

Preventive Care
In Patient and Out Patient Hospital Services
Emergency Care

About HSA
HAS are useful to pay for qualified medical expenses now and after retirement for the insured person and his/her better half and qualified tax dependents.HSAs are tax-deductible, interest-bearing accounts that permit unused funds to carry over from year to year, even if the insured person changes his/her employment.

Contributions, withdrawals to pay for qualified medical expenses and interest earned on contributions are tax-free up to the amount set by federal law.The account is permanent all money and interest earned belongs to the insured.

Group Health Insurance Covers, the following Medical Plans for a Small Business Unit
Health
Dental
Life
Vision and more.

Group Health Insurance may or may not be converted to individual coverage depending upon the insurance company. One big advantage of Group Health Insurance is that it is less expensive than individual policies. It does not suffer from adverse selection of any one person. It is shared by the group, thereby lowering the impact on any individual.

Small Business Group Health Insurance policy is a lucrative offer by any business group to its employees. The basic of this scheme stands on mutual benefit. All Business Unit wants to hire quality employers, to get maximum productivity from them. This scheme is a gift to those workers, who contributes mostly to the business growth.
Importance of Unit/Employee Size
Any business unit can offer this health insurance coverage to their employees, no matter how small may be the company is.
Employees may number from 2-50, but the company must cover 100% insurance benefits for the eligible employees.

Payment procedure by the business group
Most businesses that offer their employees Group Health insurance plans contribute towards the cost of the coverage.
Some pay for all of the employees’ premiums (for single coverage) and let the employees pay the premium if they need coverage for their families.
Other businesses pay a percentage of the total cost.

Group Health Insurance provides two types of health insurance policies:
Temporary Health Insurance
Basic Health Insurance
The following groups can benefit from Group Health Insurance:
Part-time employees
Full-time employees in a benefit waiting period
Employees who are not eligible for major medical
The following are the benefits of Group Health Insurance:
Lowers overall healthcare spending
Lowers Workers’ Compensation claims
Improve employee morale
Reduces the cost of insurance premium
Kennedy Group is one of the leading insurance companies providing Group Health Insurance.
Group health insurance plans
This scheme comprises of two major plans.
Managed Care
Fee-for-service

Managed Care
These plans are agreements between certain doctors, hospitals, and health care providers, and are designed to offer a range of services to members at a reduced cost.

It goes by many names:
Health Maintenance organization (HMO)
Preferred Provider Organization (PPO)
Individual Practice Association (IPA)
Point Service Plan (POS)

Fee-for-service plans, is also known as indemnity plans. It allows the employees to choose health care providers themselves. This gives them a wide range of options that includes specialists such as cardiologists and surgeons.

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Last Updated on : 26th August 2013