Business Insurance

Group insurance is a health care coverage plan in which individual employees or members are included under one 'master policy' owned by their employers. Because the group insurance plan has so many contributors, the policy often provides coverage for more services at a much lower cost per participant. Group insurance may be provided by other organizations besides for-profit companies. Labor unions, churches and other service groups can also obtain group insurance for recognized members and possibly their dependents.

Individual members of a group insurance plan receive insurance certificates which demonstrate their eligibility for benefits. If the master policy held by the employer requires participation in an HMO (health maintenance organization), then individuals are also registered as members. Other group insurance policies may be associated with major medical groups such as Blue Cross/Blue Shield.

Financing for a group insurance policy is commonly a flexible payroll deduction, although some companies will absorb the entire cost of the policy as a benefit for employees.

Group insurance benefits can vary widely from company to company. Almost all policies cover emergency and routine medical procedures such as regular doctor's appointments and hospital treatment for accidents. Most cover extended care in hospitals or rehabilitation centers. Group insurance may or may not cover the employee's spouse or dependents. Some offer assistance for vision care or dental work, but coverage may be limited to specific procedures. Mental health needs may also be covered under group insurance. Prescription drug expenses often fall under group insurance benefits, but most likely with a co-pay provision.

Many employees see group insurance coverage as a major perk for faithful company service. The premium payments are usually deducted automatically and pay for themselves after one typical trip to the emergency room. Extended coverage for spouses and dependents also bring piece of mind and a feeling of security.

Employee Benefit Plans

• Group Health Insurance
• Group Dental Insurance
• Group Life Insurance
• Disability (short and long-term)

Payroll Deduction Plans

Pensions

• 401K Plans

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