Basic Knowledge On Group Health Insurance

As the name indicates group health insurance is an insurance policy provided by you to your employees as a group. According to the scheme of the policy which is decided by you with insurance company, there will be a premium which is to be paid. As a law the you have to pay a part of that premium. Usually the employer pays 25% or 50% of the premium. It depends on the place to place. The group health insurance

can be broadly classified into three major categories of the business: small group, medium group and large group. The criteria which are number of employees required for this categorization and may be determined by the health insurance company or by the local legislation. Whatever may be the size of your business, you will get the 100% Tax benefit from the amount you pay towards the premium. The employees also get the Tax benefit from paying the premium. With this advantage the employee values a group health insurance. Usually the employees consider this as a next big thing to the monitory benefit. As you are buying an insurance plan for the whole group you will be getting better rates than if you would have purchased it individually. The main features which this group health insurance include are, • Whole group is covered for the expenses of hospitalization. • It bears the expenses incurred as a result of surgeries. • It gives benefit of medical emergencies. • You have an option to include your family also. • You can consult a doctor of your choice. • The policies are framed in such a simple way that they are affordable by everyone. • This insurance has a guaranteed issue. There are two types of group health insurance plans available in the market. They are Fee for service plan and managed care plan. The fundamental differences in both of these plans are the list of medical service providers and hospitals, the mode of medical bill payment and extra expenses for the covered medical services. In the fee for service plan you will get a wide range of medical practitioners and hospitals where you can get the treatment. The list even may include some of the specialists such as cardiologists. You may consult a doctor of your choice. In this type of insurance the health insurance expense is claimed by either you or the medical provider. However, in a managed care plan you will experience a less paper work and there will be lesser extra expenses. Some of the group health insurance even pays maternity charges. But they will have some reservations such as your policy should be at least nine to ten months old for you to claim your maternity charges. Some multinational insurance providers have more benefits by which your employees can be covered internationally. This means if one of your employees stay in Europe but he or she belongs to Asia only then they can get the medical benefits in their country. So to conclude the health insurance policy taken for a group is more beneficiary for both the employee and the employer. This article is proudly presented by Sean . For all your health insurance quotes visit healthquotessite.