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Everything you Need to Know about Group Healthcare Plans


    Many people find themselves financially stretched because of health issues. Health care costs have been skyrocketing, and hospitalizations can be priced out of many peoples’ budgets with just one visit to a doctor. One option that offers protection from these financial straits is purchasing health insurance. Individual coverage for a bigger sum, on the other hand, is costly. This is why joining a group healthcare plan can be advantageous. 

    What is a Group Healthcare Plan?

    Employers offer group health insurance plans, which are single policies that cover all employees and, at times, their dependents as well. Employers’ premiums are calculated by integrating the risk variables of the entire group. Most businesses provide such coverage to their staff to promote morale and increase productivity.

    Under the ACA (Affordable Care Act), businesses with 50 or more full-time employees must provide health insurance to their workers and dependents under 26 years old. If an individual is self-employed, they may qualify for group coverage through their client as well.

    What are the Benefits of Choosing a Group Healthcare Plan?

    Group health insurance policies provide many advantages and benefits over individual plans. Group health care plans for individuals can include dental coverage, vision care, or pharmacy services individually or in a bundle that offers more value for your money!

    Group Healthcare Plans are more Affordable than Individual Health Insurance

    Did you know that group health insurance is more affordable than individual health insurance? The average cost of an employer-sponsored family plan in the year 2016 was $7,188 for single coverage and $20,576 for family coverage per year. That’s a lot of money! However, if you’re uninsured or have to pay for your own medical expenses, it can be even more expensive. Luckily, there are many ways to save on healthcare costs. Group health insurance is one way to do this!

    These Plans offer Better Coverage, Including Preventive Care and Prescription Drugs

    Group health insurance plans are a great way to save money on your medical expenses. These plans offer better coverage for preventive care and medicines than an individual plan does at a lower cost. They may also include dental, vision, or other benefits that can make it worth the price of joining them. Employers usually offer group health insurance, but you may be able to purchase one through associations or unions as well.

    You also get Maternity Coverage

    Many companies that provide group health insurance to their employees offer maternity coverage, but what is it, and why should you care? Maternity coverage provides medical coverage for expenses related to pregnancy and childbirth. It also covers prenatal care, labour and delivery services, as well as post-partum care. 

    Group Healthcare Provides Protection against Catastrophic Injuries

    Group insurance plans are often less expensive than individual policies, but what you might not realize is that your group health plan protects against catastrophic injuries as well. This type of coverage helps protect you if you suffer a severe injury and end up in the hospital or require surgery. It can also provide additional compensation for lost wages and pain and suffering caused by accident, which could be especially helpful if it was someone else’s fault. 

    What are the Things Covered Under a Group Healthcare Plan?

    Post Hospitalization

    The majority of people are aware that their job-provided coverage will continue to pay for medical expenses they incur during their employment. Many don’t know that the same benefit extends past retirement age and into retirement through COBRA or other continuation programs. 

    Day Care Treatments

    Group health insurance covers day care treatments as well, which can be costly but often necessary to keep your child healthy and safe. This is a great relief for parents who have children with special needs or chronic illnesses because they can avoid paying out of pocket for their child’s treatment while still having access to affordable healthcare. 

    In-Hospitalization Costs Such as Room Rent, Nursing Charges, Tests, and Other Treatments

    Group health insurance covers in-hospitalization costs such as room rent, meals, nursing services, and other miscellaneous charges. Basic medical insurance plans do not cover these. Hospital stays can be extremely expensive; therefore, group health insurance is a great way to protect yourself against the financial risk of an extended hospital stay for yourself or your family members.

    Domiciliary Hospitalization

    When you purchase group health insurance, it covers important things like medical care. However, some people do not realize that this type of plan also includes the option for domiciliary hospitalization coverage. This means that your loved ones can stay at home instead of going into the hospital when they are sick or injured! 

    Group health insurance plans are a great way to save money on your monthly premiums and give you access to more benefits than individual policies. Many agencies offer you such benefits and help you receive a better quality of life, so make sure you choose wisely!