What Exactly is Group Health Insurance

When starting for a new and well established company, you maybe presented with an opportunity to enter into a health group insurance policy. If you are unaware of what exactly this means, then you may not understand why such would be beneficial for you; however, you should really consider knowing what it is. Please continue reading further so you get to find out what a group health insurance is and why such can be the biggest benefit which can be presented to you in your new job in a new company.

In essence, entering into a group health insurance policy through your firm which has all the staffs covered as one big group simply means that you get the exact same benefits that each member of that group gets. If your company is particularly generous, which is usually the case, then they may even offer to have your dependents covered by the policy as well. Therefore, you basically would be getting a health insurance policy which covers your spouse, kids, and/or anybody else that you list as your dependents.

Your company pays for such kind of policy in order to be presented to their staffs and contingent upon the kind of policy the company signs up for to provide for their staffs, you may very well be necessitated to shell out a tiny co-pay every time you go to the doctor’s clinic. However, the remainder of the insurance’s cost is actually covered by your company; hence you wind up saving a reasonable sum of cash.

Why would companies opt for a group insurance plan for their staffs and not an individual healthcare plan? Well, the answer to that is pretty simple. If a firm buys an individual insurance plan for every staff, the firm ends up shelling out more money. By opting for a group coverage policy, they get to save cash by not providing individual plans to each staff. This simply means that a group health insurance plan would actually cost the firm less cash overall.

Another more worthwhile benefit for the staffs is the fact that there are certain coverage plans which are integrated in the health group insurance plan that may not be available otherwise or cost efficient for the firm should they opt for individual insurance plans. Group health coverage is an excellent benefit to employers and employees alike.

You can have various options contingent upon the specific plan in which your firm purchases. Under several kinds of policies, you will have an HMO or health maintenance organization plan that does necessitate a small co-pay whenever you visit a doctor. You will be required also to select a PCP or primary care physician. Anytime you require seeing a specialist, you need to obtain a recommendation from your own PCP. Unless you need to consistently see a specialist, then an HMO policy may very well be all that you will need.

If your company opts for a PPO or preferred provider organization policy, then you will be provided with a group of physicians that you can go and see that does include a specialist. But, should you choose to see a physician or specialist outside the group, you are going to be accountable for paying out the larger cost; hence it would be best to remain within the group in terms of PPO plans.