What is Group Medical Insurance?
Group medical insurance—also called group health insurance—is a policy secured by an employer or organization that covers a large number of people. Usually, these people are employees and their dependents, who are enrolled under one consolidated plan.
One of the main advantages of group medical insurance is that it can provide pretty extensive coverage at a lower premium than individual plans. Because health insurers are able to spread the risk over a large number of people, they can offer better rates—rates that make the coverage pretty affordable for employees. And this, in turn, makes employers pretty attractive to job seekers.
In addition, group health plans typically provide a variety of services that go beyond simple hospital coverage. These services can range from outpatient treatment to preventive care, from dental and vision insurance to, sometimes, wellness programs. This collective insurance model is an easy way for employers to handle medical claims, and it offers assurance to all covered employees that they and their dependents can get timely access to necessary medical care.
( Information provided is only for information purpose. Consult your insurance advisor for advice on the policy schedule suitable for your business )