A look into Group Insurance

The ins and outs of Group Insurance

Group Insurance – in summary

Group insurance is a health care coverage plan where a number of individuals are joined under one master policy. Group insurance tends to turn out cheaper for each individual compared to each having their own insurance policy. For example group insurance can be for a group of employees and the policy owned by the employer, or for a group of individuals travelling together; in essence it is an agreement between an insurance company and a group of people sharing common characteristics to provide them with insurance at a special rate.

Group Health Insurance

Group health insurance is appropriate for many types of groups of individuals such as companies, businesses, self- employed and voluntary groups. A group policy can vary depending on the level of cover although most policies provide fast treatment to any member of the group as well as covering their income for a specific period. Each member of the group should familiarize themselves with the details of the policy to ensure it is right for them before committing to anything.

Sometimes with group health insurance some members find their choices of physicians and treatments very limited, you may be required to use a doctor or specialist from a given list that your employer will provide, often called the PMD (preferred medical doctor). A company may suddenly implement a ‘no smoking’ policy or strongly encourage other health preventatives which some members may find intrusive and unwilling to co-operate.

Group Travel Insurance

Group travel insurance is designed to protect groups of people travelling on the same trip itinerary. You can purchase group insurance for different levels for example you may only want it to cover medical evacuation expenses, or you may want a comprehensive protection plan which covers vacation and trip cancellation, travel interruptions and delays, emergency medical and health expenses, and lost baggage.

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