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Group Health Insurance

Benefits of Group Insurance
Group health insurance is an insurance policy that covers a group of people -the benefit of which is typically lower premiums per individual. Even though group policies are most commonly used in a business, it can also be used for other types of groups. Some examples of these groups are:

  • Trade associations
  • Religious Groups or Church
  • Special Interest Groups

To find out if your group qualifies for group coverage, check with your state insurance commission office or local insurance provider.

One of the benefits that come with a group health insurance policy is the reduced cost to group members. Because there are multiple group members paying a premium on the same policy, the insurance company can afford to charge each individual less.

If a company has a group policy, chances are they will pay for some or all of the premiums for their employees. If you are a part of a company that offers group health insurance coverage, contact the human resource department for more information.

The other benefit of a group health insurance policy is the regulation that most group insurance policies are subject to. Because the insurance company agrees to cover all members of the group, there are no health requirements. Other regulations also prohibit an insurance company from charging one individual in the group more than another.

If you are a small business and are currently paying for your individual health insurance, you should consider a group policy because it can save you money in the long run.

HMO VS PPO
There are several differences between HMO and PPO insurance programs. The way the programs are structured is one of these differences. HMO insurance programs are run by private insurance companies that have a group of doctors in their network.

PPO insurance programs on the other hand are usually a group of doctors and hospitals under an umbrella that work together to offer its members discounted medical treatment. Another major difference between these two programs is the cost of protection.

Generally speaking, HMO insurance programs are less expensive than PPO programs. The primary reason is because HMO insurance programs have fixed costs for most procedures, in comparison to the percentage structure of most PPO programs.

There are however certain instances, where if not used correctly, an HMO plan can become very costly. It very important that you become familiar with the rules of your HMO. Another difference that factors into your choice of protection is the method in which payments are made for your medical care.

HMO insurance programs usually require a co-payment for general preventative care and doctor visits. These services usually cost anywhere from $0-$25 in most cases. Many PPO insurance programs offer this to its participants but many require full payment of services up front.

If payments are made up front the PPO member is reimbursed the pre-determined percentage of the charges incurred. So in general a PPO member needs to fanancially capable of paying for their services up front.


 Health Insurance type requirements

HMO Requirements
PPO Requirements

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