As part of the application process for medical or health insurance, potential insurers should be aware of the differences between group health insurance and individual health insurance. As a general trend, it is more difficult to apply for individual insurance, and the cost is higher. Group health insurance plans are usually applied for by large companies, as a means of supporting their employees and preparing for their medical expenditures when such a need arises. However, not all offices can apply for group health insurance, especially when the number of persons applying for insurance is less than ten.
Companies take this option because group health insurance plans are actually more cost effective. Several persons are included or insured less than one contract, in the same way that a group travel package costs less per person as compared to purchasing only one ticket. This also makes it easier for the company to pay for the premiums, instead of having it done individually. Bigger corporations even shoulder all the expenses of paying for the premiums of their employees, while there are some companies that pay for half, while the employee does the same.
Because a person has to meet certain criteria and requirements before the insurance company determines his eligibility for approval, he may have to get a check-up, medical examination, and others. This is often carefully scrutinized by applicants of individual plans. But under group health insurance, the overall health conditions of the members of the group are considered, so it is easier to be approved in this manner.
When is a person insured under group health insurance not covered anymore? This can happen when the said person resigns from the job, is terminated, or gives up the membership to the group. He is not included in the group health insurance plan after this, and he cannot be covered for any medical expenses that he will need after leaving the company.
If you want to know more about group health insurance, you can inquire at your company to know what types of policies have you covered. It is your right as the employee to be aware of what you are getting, so in case of emergency, you don’t need to worry about hospitalization and medical expenses. In addition to that, some companies who offer group health insurance to their employees can even offer compensation to them in case they are injured or unable to work because of occupational hazards.
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