Group health insurance is a type of health cover provided to employees or members of a specific organization or group, such as a company, association, or union.
Instead of individuals purchasing insurance plans separately, a group health insurance plan pools together a group of people, offering coverage for a broader range of individuals.
This often results in lower premiums and more favourable terms due to the larger risk pool.
Here are some key features of group health insurance:
- Cover for a Group: Typically offered by employers to employees
- Lower Premiums: Because the risk is spread across a large number of individuals, group plans generally have lower premiums compared to individual health insurance plans.
Minimal Underwriting: In most cases, there is no need for individual medical underwriting. Pre-existing conditions are often covered, and everyone in the group is eligible for coverage regardless of health status