Group insurance is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group.
Group insurance may or may not be converted to individual coverage. As group insurance gets big business for an insurance company with minimum operational expenses (under one master policy issued to an employer, union or any recognized group), it is usually less expensive than individual policies.
Group coverage can help reduce the problem of adverse selection by creating a pool of people eligible to purchase insurance who belong to the group for reasons other than for the purposes of obtaining insurance. In other words, people belong to the group not because they possess some high-risk factor which makes them more apt to purchase insurance (thus increasing adverse selection); instead they are in the group for reasons unrelated to insurance, such as all working for a particular employer. We provide you with information of group insurance experts, please compare before applying.
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The Significant Benefits of a Group Health Insurance Plan
Most people, are simply not able to adequately understand the health insurance industry. And because of this lack of understanding, they find it difficult to choose the right type of health care plan. There are certain basics about health care plans that you should know and questions you should raise before deciding which health plan Is best suited for you and your family..
Before you start the process of choosing the right health plans, the first thing you need to understand is coverage. Although the same condition pertaining to emergency care is mentioned in many plans, it does not mean that a plan pays the total cost of emergency care. Some plans cover 80% of the expenses incurred while others 50%. When you shop for health plans, please remember that what you are actually shopping for is the kind of coverage that is most beneficial to you. The next thing you need to know is there are four basic types of health plans available to people who do not receive Medicare or Medi-Cal. and basic understanding of each of these plans is essential to select the one that best suits your needs.
INDEMNITY INSURANCE : is the traditional insurance which most people are familiar with. It pays for most of your health problems, but does not pay for preventive health care. Again, indemnity insurance does not cover the total cost but is usually limited to a percentage of the billed amount. Under an indemnity plan, you can see any doctor or hospital you want, but remember the monthly premium is usually higher than other types of health plans.
Health Maintenance Organization (HMO) : covers bulk of your health care needs, including medical check-ups, immunizations and hospitalization, for a relatively small co-payment. With an HMO there are no claim forms but you are restricted to using only doctors and hospitals affiliated with your plan. A list of affiliated physicians is provided by the HMO.
Exclusive Provider Organization (EPO) : is a similar type of plan and functions in much the same way as an HMO.
Preferred Provider Organization : (PPO covers many of your health care needs for a small per-visit fee if you choose from the list of "preferred providers." You of course can choose to see a doctor not on the list, but you will have to pay part of the bill and may have to pay a deductible. Some PPOs do require claim forms.
Point of Service (POS) : plan offers you two different choices each time you use health care services: One choice is to use the plan just like a HMO and the other choice is to use your health plan just like an indemnity plan. When using your health plan like indemnity insurance, you are generally responsible for a deductible and a percentage of your bill.
The most important tip is never waiting till you fall sick to avail a health care plan. You must understand it requires quite a bit of pre-study before you can finalize the right health plan for you. If you are in a hurry and select a plan unthinkingly, you will end up with problems. Give yourself at least two months to do your homework for choosing the best-suited plan.
The first step in choosing a health plan that is right for you is choosing a doctor who is right for you. If you have a doctor you like, find out the plans in which your doctor participates. Lastly, think of the hospitals and health facilities you need or prefer most. Find out which hospitals are affiliated with which plans. Ask for an insurance brochure for each plan you are interested in. After reading over the insurance brochures, take the time to ask yourself some questions. If you cannot find an answer, or you are not satisfied with the answer you get, move on to another brochure.
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SGLI is a low cost program of group term life insurance available automatically to all service members on active duty or inactive duty for training and members of the Military Reserves. These policies are automatically activated for the current maximum coverage amount of $250,000 dollars, unless a soldier or sailor opts out in writing. A member of the service can elect lower coverage or no coverage at all by completing VA Form SGLV-8286. Term Life Insurance coverage is available for spouses as well; dependent children are automatically insured for $10,000 dollars. In addition, there is an additional elected coverage option for up to $100,000 for a spouse.
When discharged from active duty or the Reserve, members with full-time SGLI coverage can move their coverage to the Veterans Group Life Insurance program (VGLI) or to an individual commercial term life insurance policy at the usual rates without having to provide any proof of good health. For more information, you call toll free (800)
419-1473 or visit the on the web.
Types of Life Insurance Available:
Term Insurance - Life insurance providing a fixed amount of coverage at a specified premium for a specified duration of time. This type of insurance does not accumulate cash value and the premium usually increases after the pre-determined time period.
Permanent Insurance - The life insurance known as Permanent insurance provides longer term financial protection with a death benefit and in some cases a cash savings component. Universal Life policies offer flexible premiums, it is a type of life insurance policy under which the policy owner may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Variable Life policies allow the money that remains after payment of premiums to be invested. Variable life insurance does have the option of a minimum guaranteed death benefit; however, variable life insurance can be expensive and somewhat risky, depending on the different type of investments made.
Whole Life policies provide lifetime protection at a standardized, level premium. Premiums must generally be continued to be paid for as long as the policy is in force.
The Free Look Period:
It is important to review any life insurance policy immediately upon receipt. In most states, a minimum ten day "free look" period is provided, during which time you may return the policy for cancellation and a complete refund of any premium (paid should you decide to back out. If you decide to cancel the life insurance policy, remember to cancel the allotment from your pay, if you set it up. If you suspect you are going to be deployed, you should inform the person with your power of attorney to look out for the policy.
Before you sign on the dotted line, ask:
Do I need more life insurance?
Are there any war exclusions in the policy? (SGLI does not contain this exclusion.)
Can I afford this term life insurance policy? It may be very costly if you decide to cancel during the first few years of a policy.
Am I feeling like I am being pressured into buying this policy?
Are there any exclusions on the life insurance policy for travel on any non-commercial aircraft?
Only when you feel comfortable should you proceed.
Sarah Martin is a freelance writer specializing in life insurance, finance, travel, and education. She has written the majority of her life insurance articles on term life insurance For more information on this subject, or for a quote, please visit http://www.equote.com
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