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Group health Insurance plans provide coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurers risk is spread across a group of policyholders. Group health insurance plans are purchased by companies and organizations, and then offered to its members or employees. Plans usually require at least 70% participation in the plan to be valid. Because of the many differences insurers, plan types, costs, and terms and conditions between plans, no two are ever the same. To know more details please visit here https://www.capbluecross.com/wps/portal/cap/employer/shop-group-plans
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What is Group Health Insurance Plan? Group health insurance is a type of medical insurance package that covers group of people, or employees working in an organisation, or of a society or of a registered residential apartment. The plan covers medical benefits for the employees (insured), their spouse, their children and the dependent parents (if mentioned). The consolidated premium is calculated on the basis of the headcount working in organisation, their nature of job and their area of operation. Although, the premium paid by the employer is tax deductible for the employer, nowadays, companies deduct a certain percentage of this premium from the employees’ salary. If we have to compare the group health insurance against the individual plans, then the group health insurance plans are usually cheaper than the individual plans because the risk to the issuer is spread out to the entire group, making it affordable for both the parties i.e. the employer and the employees. Source: securenow.in w w w . c a p b l u e c r o s s . c o m
