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What You Should Know About Group Insurance Plans

Losing your job can be stressful, especially if you rely on it to pay your expenses and provide for your family. The good news is that group insurance plans often make it possible for employees to continue their health care even if they lose their job or are in between jobs. Indeed, group insurance plans can help businesses save money by increasing employee retention and drawing in a more qualified applicant pool. This page has all the info you need. Check it out!

Working in the United States likely entitles you to health coverage through your employer-a group insurance plan. Employer-sponsored health insurance plans or employee health benefits plans are other terms for group insurance plans. Group health insurance plans are a type of group insurance that provides benefits for employees and their families. Typically, employers fund these programs, but trade groups and labor unions also provide similar plans. They typically require you to pay a monthly premium and provide coverage for medical services such as doctor visits and prescription drugs. Because there is just one plan with one set of premiums to cover everyone, group health insurance is a cost-effective option for employers to provide health benefits to their employees.

It’s similar to individual health insurance in that it offers protection against the cost of medical care, but instead of providing coverage for just one person, it provides it for a whole group. There are a number of plans to having a group health insurance plan rather than an individual plan. If you enroll in a group plan through your workplace or organization, you will most likely have access to lower premiums than if you purchased your own coverage. When you join a company’s group plan, you may be eligible for additional benefits such as vision or dental coverage, as well as wellness programs. They may also sponsor a retirement plan.

Since most group plans cover you no matter where in the world you might be, you can feel free to travel without worrying about your health insurance. They may also help protect against loss of income due to unemployment or disability as well as high-risk occupations such as logging or mining. With individual plans, when you lose your job, your insurance ends too, unless you had COBRA continuation coverage in place beforehand; with group plans, there is no end date so long as the employee stays employed by the company sponsoring the plan. Workers who have worked with the company for at least six months and put in at least 20 hours per week are considered eligible.

The premiums for group health insurance vary from company to company and depend on the coverage options you choose. Some companies charge a flat monthly fee per qualifying employee, while others charge a portion of their earnings. Employees who are older or have pre-existing problems will pay higher premiums, but they will still be covered. View here for more info.

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