7 Benefits of Group Health Insurance
- September 30, 2018
- Posted by: olinsadmin
- Categories: Health Care Ontario, Insurance Toronto, Medical Insurance Ontario
What options do you have to pay for extended healthcare services? Not too many, actually: to pay out-of-pocket or have private health insurance policy. Quite often, having individual health insurance is expensive and the coverage is poor. On top of it you might not even qualify for the extended health insurance plan you want.
If you run your own business or work for one, there is a variety of group health insurance plans that can meet your needs and the needs of your families. Group health insurance provides additional healthcare coverage to a select group of people, for example, the employees of a common employer, the members of a society, professional association or NGO.
For a small business with a few employees, for incorporated professionals, contractors, and consultants, the best option for extended healthcare coverage is Group Health Insurance. For many of those plans, there is no minimum years in business required to apply.
Let’s consider seven major benefits of group health insurance.
- No medical examination required: Group health insurance does not require ma edical examination of their members because it is uniform in nature. It is usually a single policy that covers the entire group of people offering the same benefits to all its members.
- Significantly lower costs: Members of the group buy insurance on a “wholesale” basis. The coverage costs each individual member much less than if they had to purchase an individual health insurance plan.
- Equal payments: Every insured person in the group pays the same premium amount regardless of their age or other factors. In contrast, under a private health insurance plan, a person pays da ifferent premium amount for the same coverage based on their age, location, pre-existing conditions, etc.
- Coverage for you and your dependents: Usually, a group health insurance policy covers prescription drugs, dental and vision care, physiotherapy and other health services to better ensure the physical, mental and financial health of insured members. In addition, dependents are generally eligible for coverage under a group plan. Dependents include spouses and children.
- Unique in nature: Every company, association or NGO is unique. So, the group insurance plan has to be unique too, specially designed in accordance with your group’s nature of business and functionality. There is a possibility to pick and choose the plan that best suits the group needs.
- No evidence of insurability: In addition to all other benefits of group health insurance, it allows you to obtain basic coverage without evidence of insurability.
- Benefits for a business owner: Possibility to pay for their medical expenses through their business as opposed to paying for them personally and saving money on taxes.
Group insurance provides peace of mind and security for all members of the group – for employees and employers. Some group insurance plans can be designed so that the expenses will be paid from pre-tax income, leaving more money into their hands.