A type of insurance that covers a group of people, not single individuals, is known as group health insurance. This kind of insurance is offered by employers or organizations and offers medical coverage that will pay the bills of a member that is enrolled if they do get sick.
Most states require that employers have to pay part of the premium on this insurance. Because of the employers paying part of the premium, the overall cost of the insurance is lower for all people involved.
There are 2 forms of group health insurance, managed care and fee for service. Managed care is broken down even further into 3 categories. The first category and the strictest is known as Health Maintenance Organization or HMO. This plan has a list of certain doctors and providers that can only be used. These providers can refer you out for other services but without your doctors referral, the full cost of your extra services will fall to you.
Preferred Provider Organization or PPO is the more generous plan out of all of the plans. With this insurance, there are benefits such as lower fees are reduced co pays if you use a service provider from their list.
A POS is the Point of Service plan. This plan allows you to decide which option you would like to use, either the HMO or PPO, when the time comes that you need your plan. You can change which option you would like your plan to be each time you use it.
The second form of group health insurance is Fee for Service. With this type of plan, you are able to choose any doctor or service provider that you would like. The cost of this type of plan is normally higher but there is no copay. Instead of a copay, there will be an annual deductible and coinsurance that will need to be paid for.
Group health insurance is a type of insurance that is offered by an employer or an organization. These are offered to large groups of people and the cost is spread around the entire group. The plans have a few options so do a little digging to know which one will be best for you.
Author Resource:
Want to find out more about Health Insurance , then visit Samantha Malone's site on how to choose the best group insurance for your needs.
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