Group Benefits Insurance

What is the group insurance?

Group insurance is health care, life insurance and sometimes disability coverage which individual employees are insured through a ‘master policy’ which is owned by the employers. Because of groupinsurance plan has so many members, the policy often coverage give more services at lower cost per participant.

Insurance companies don’t require medical exams from members before issuing a master policy, so some participants may take advantage for treatments on their pre-existing health issues.

Who can benefit from group insurance?

Individual employees of a company or business, labor unions, churches and other service groups can also obtain groupinsurance for members their dependents.Individual members of a groupinsurance plan receive insurance certificates which approved their eligibility for the group benefits.

What are the advantages of group insurance?

There are some advantages for group insurance considering members (insured) and policy owner (employer).

Some of them are :

  • Lower cost (premium) of the group plan compare to the individual insurances.
  • Plan will not be canceled based on pre-existing or new conditions.
  • Members of the plan have very low or no monthly premiums.
  • If member lose his job, he may be eligible for continued coverage under the individual insurance plan.

Is group plan premium tax deductible?

An early tax incentive is helping these businesses take group insurance plan, which can help them to save money on reduction the cost for tax proposes.

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